Jyoti Structures: Rights Issue Utilization Progress Report

Jyoti Structures Limited submitted two Monitoring Agency Reports for the quarter ended September 30, 2025, detailing the utilization of proceeds from Rights Issue I (₹174.63 crore) and Rights Issue II (₹459.69 crore). For Rights Issue I, all utilization was in line with offer document disclosures and revised cost objects, although there were delays in implementing objects beyond the initial March 31, 2025 timeline, extended to September 30, 2025. The board reclassified ₹0.70 crore from issue expenses to general corporate purpose and reallocated ₹0.41 crore from operational creditors to employee expenses.

Rights Issue II, which was undersubscribed at 92.11%, also saw its utilization align with disclosures. The board revised object amounts due to this undersubscription, with ₹175.63 crore allocated for meeting financing costs (down from ₹205.00 crore), ₹114.00 crore for general corporate purposes (down from ₹122.02 crore), and ₹18.00 crore for issue-related expenses (down from ₹20.00 crore). While there were no delays in dissenting financial creditor or employee dues payments for Rights Issue II, operational creditor payments and general corporate purposes are ongoing with no specified completion dates.

The company noted significant share price volatility, with a ~40% decline over the last 12 months, and the share price of ₹11.1 as of November 10, 2025, is below both Rights Issue I (₹15.0) and Rights Issue II (₹16.0) prices. Unutilized proceeds from Rights Issue II, totaling ₹138.06 crore, are held in fixed deposits and bank accounts. The company also transferred issue proceeds from monitoring to current accounts for utilization.