Choice international updates on warrant proceeds, employee stock options

Choice International Limited reported no deviation in the utilization of proceeds from its preferential issue of equity warrants for the quarter ended September 30, 2025. The monitoring agency, India Ratings and Research Private Limited, confirmed that the funds were used as stated in the explanatory statement. The total issue size was INR 693.63 crores, with INR 308.41 crores raised as of September 30, 2025, from an initial INR 173.41 crores (25% upfront) and an additional INR 135 crores from 60,00,000 warrants.

The funds are earmarked for investments in subsidiaries, associates, and joint ventures (INR 600.00 crores), credit facility repayment (INR 20.00 crores), technology and infrastructure (INR 30.00 crores), and general corporate purposes (INR 43.63 crores). For the quarter, INR 135.00 crores were utilized, with no unutilized proceeds recorded except for INR 4,819. An advance of INR 35.48 crores has been paid for investment in Choice Insurance Broking India Private Limited, awaiting IRDAI approval for share transfer.

Additionally, on October 16, 2025, Choice International’s nomination and remuneration committee granted 3,47,250 employee stock options to 114 eligible employees under the "Choice Employee Stock Option Plan 2022." These options, each entitling the holder to one equity share, have an exercise price of INR 10 per share and vest over four years, with 25% vesting on each anniversary from the grant date, and an exercise period of up to seven years.