Thangamayil Jewellery fully utilizes rights issue proceeds, CARE confirms

Thangamayil Jewellery Limited has disclosed a monitoring agency report from CARE Rating Limited, confirming the complete utilization of proceeds from its rights issue. The issue, totaling ₹510 crore, was raised between February 21, 2025, and March 4, 2025. This included ₹178.50 crore from promoters as unsecured loans converted to equity and ₹331.50 crore from the allotment account. The report, dated October 31, 2025, and placed before the board on November 3, 2025, states no deviations from the objects of the issue.

The proceeds were fully utilized as of September 30, 2025. This includes ₹8.71 crore for capital expenditure to set up six new retail stores, ₹401.03 crore for inventory in these new stores, ₹97.67 crore for general corporate purposes (GCP), and ₹2.59 crore for rights issue expenses. The GCP funds were used during Q4 FY25 for short-term working capital requirements, specifically inventory purchases.

All government and statutory approvals related to the objects have been obtained, including certificates and approvals related to BIS standards and the labor department for the new stores. The company reported no major deviations observed over earlier monitoring agency reports and no unfavorable events affecting the viability of the objects.