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EFC (I) LIMITED — Capital/Financing Update 2026
Feb 12, 2026
62498_rns_2026-02-12_f1d7baa9-4e0d-4e20-9f08-24ca420b409d.pdf
Capital/Financing Update
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February 12, 2026
To, To, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, 5[th] floor, Plot no. C/1, Dalal Street, Mumbai-400001. G Block, Bandra Kurla Complex, Mumbai-400051. Scrip Code: 512008 NSE Symbol: EFCIL
Sub.: Monitoring Agency Report on the utilization of proceeds raised through preferential issue, for quarter ended 31[st] December, 2025.
Dear Sir/ Ma’am,
Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 162A of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”), please find enclosed herewith Monitoring Agency Report issued by CARE Ratings Limited, in respect of utilization of proceeds raised through the preferential issue of equity shares to non-promoters, for the quarter ended 31[st] December, 2025.
Kindly take the same on record.
Thanking you, For EFC (I) Limited
Aman Digitally signed by Aman Kumar Kumar Gupta Date: 2026.02.12 Gupta 19:26:44 +05'30' Aman Gupta Company Secretary
Encl.: As above
EFC (I) Limited
Regd. Office: 6[th] Floor, VB Capitol Building, Range Hill Road, Opp. Hotel Symphony, Bhoslenagar, Shivajinagar, Pune-411007, Maharashtra I CIN: L74110PN1984PLC216407 Tel.: 020 2952 0138 I Email Id: [email protected] I Website: www.efclimited.in
Monitoring Agency Report
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No. CARE/HO/GEN/2025-26/1267
The Board of Directors
EFC(I) Limited
6[th] Floor, VB capitol building, Range Hill Road, Opp. Hotel Symphony, Bhoslenagar, Shivajinagar, Pune – 411007, Maharashtra, India.
February 12, 2026
Dear Sir/Ma’am,
- Monitoring Agency Report for the quarter ended December 31, 2025 in relation to the Preferential Issue (PI) of EFC(I) Limited (“the Company”)
We write in our capacity of Monitoring Agency for the Preferential Issue for the amount aggregating to Rs. 242.44 crore of the Company and refer to our duties cast under Regulation 162A of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations.
In this connection, we are enclosing the Monitoring Agency Report for the quarter ended December 31, 2025, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated December 06, 2023.
Request you to kindly take the same on records.
Thanking you,
Yours faithfully,
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Darshan Shah
Assistant Director
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Monitoring Agency Report
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Report of the Monitoring Agency
Name of the issuer: EFC(I) Limited For quarter ended: December 31, 2025 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: NIL
(b) Range of Deviation: Not Applicable
Declaration:
We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013.
The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit related analyses. We confirm that there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity.
We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable. There are certain sections of the report under the title “Comments of the Board of Directors”, that shall be captured by the Issuer’s Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer’s Management/Board.
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Signature: Name of the Authorized Signatory: Darshan Shah Designation of Authorized person/Signing Authority: Assistant Director
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1) Issuer Details:
Name of the issuer : EFC(I) Limited Name of the promoter : Umesh Kumar Sahay, Abhishek Narbaria and Aditi Umesh Sahai Industry/sector to which it belongs : Realty – Real estate related services
2) Issue Details
Issue Period : Not applicable Type of issue (public/rights) : Preferential Issue (PI) Type of specified securities : Equity Shares IPO Grading, if any : Not Applicable Issue size (in crore) : Rs. 242.44 crores
3) Details of the arrangement made to ensure the monitoring of issue proceeds:
| Particulars | Reply | Source of information / certifications considered by Monitoring Agency for preparation of report |
Comments of the Monitoring Agency |
Comments of the Board of Directors |
|---|---|---|---|---|
| Whether all utilization is as per the disclosures in the Offer Document? |
No | Bank Statement, Management Certificate, Board Resolution, PAS-4, Revised Board Resolution (BR)* and Extra Ordinary General Meeting (EOGM) Resolution$ |
Utilization of gross proceeds is in line with the objects of the Placement Document and Resolution passed by the members in EOGM. The Company has shared Resolution passed by members in EOGM dated July 11, 2024, which allows the company to utilize funds in the subsidiary for the working capital requirement. The Company has transacted the funds through its current account and the current accounts of its subsidiaries and step-down subsidiaries, which also recorded numerous other business transactions. As a result, there was comingling of funds. Care Ratings Limited (CareEdge Ratings) has relied on bank statements,Management Certificate,and CA |
The Board Resolution dated May 29, 2024 merely recalibrated the cost allocation and interpretation within the scope of the original objects and in the interest of good corporate governance, transparency, and to ensure unequivocal shareholder approval, the clarified objects further placed and approved by the Board of Directors of the Company on 17 June, 2024 for taking members approval. Which is subsequently approved by the members in Extra- ordinary General Meeting (“EOGM”) held on 11 July, 2024. In reference of the above, investment of funds in subsidiaries is due compliance is itself be considered as utilisation of |
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| Particulars | Reply | Source of information / certifications considered by Monitoring Agency for preparation of report |
Comments of the Monitoring Agency |
Comments of the Board of Directors |
|---|---|---|---|---|
| certificate for monitoring usage of proceeds. | proceeds. The routing of funds through the Company’s current account and the current accounts of its subsidiaries and step-down subsidiaries was undertaken strictly in the ordinary course of business and for operational efficiency. While such accounts recorded other routine business transactions, the end-use of proceeds has been clearly identifiable and traceable. The Company has maintained adequate documentary evidence to substantiate the utilisation of proceeds in line with the objects stated in the Placement Document and the resolution passed by the members in the EOGM dated July 11, 2024. The monitoring agency, Care Ratings Limited (CareEdge Ratings), has independently reviewed the bank statements, Management representation and CA certificate, and has relied upon the same for monitoring and confirming the usage of proceeds. Accordingly, the utilisation remains compliant with the approved objects, and the temporary operational transaction in same account does not impact the traceabilityor legitimacyof |
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| Particulars | Reply | Source of information / certifications considered by Monitoring Agency for preparation of report |
Comments of the Monitoring Agency |
Comments of the Board of Directors |
|---|---|---|---|---|
| end use of funds. | ||||
| Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the Offer Document? |
Yes | Management Certificate, Board Resolution, PAS-4, Revised Board Resolution* and EOGM Resolution$ |
The Company has shared Resolution passed by members in EOGM dated July 11, 2024, which allows the company to utilize funds in the subsidiary for the working capital requirement. |
The resolution passed by the members at the Extra-ordinary General Meeting held on July 11, 2024 expressly authorizes the Company to deploy the proceeds, including investment in subsidiaries, for meeting working capital requirements in line with the objects set out in the Placement Document. Accordingly, the utilization of funds in the subsidiary towards working capital requirements is fully aligned with the shareholder-approved objects and does not constitute anydeviation. |
| Whether the means of finance for the disclosed objects of the issue have changed? |
Yes | Management Certificate, Board Resolution, PAS-4, Revised Board Resolution* and EOGM Resolution$ |
The company has passed Board Resolution dated May 29, 2024. Wherein, the company had revised the cost of objects and also the interpretation of the objects. Subsequently, the company has shared Resolution passed by members in EOGM dated July 11, 2024, which allows the company to utilize funds in the subsidiary for the working capital requirement further modifyingthe object. |
In addition to state in above comment, the shareholders’ Resolution expressly stated the object and supersedes any earlier interpretational position. The Company confirms that there is no change in object and all utilisation of proceeds remains strictly within the objects as approved bythe members. |
| Is there any major deviation observed over the earlier monitoringagencyreports? |
No | Previous Monitoring Agency Reports |
There is no deviation in the previous MonitoringAgencyreport. |
No Comments |
| Whether all Government/statutory approvals related to the object(s) have been obtained? |
Not applicabl e |
Management Certificate, Approval from Bombay Stock Exchange (BSE), Board Resolution, PAS-4, Revised Board Resolution* |
Not applicable | No Comments |
| Whether all arrangementspertainingto technical | Not | Management Certificate, |
Not applicable | No Comments |
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| Particulars | Reply | Source of information / certifications considered by Monitoring Agency for preparation of report |
Comments of the Monitoring Agency |
Comments of the Board of Directors |
|---|---|---|---|---|
| assistance/collaboration are in operation? | applicabl e |
Board Resolution, PAS-4, Revised Board Resolution* |
||
| Are there any favorable/unfavorable events affecting the viability of these object(s)? |
Not applicabl e |
Management Certificate, Board Resolution, PAS-4, Revised Board Resolution* |
Not applicable | No Comments |
| Is there any other relevant information that may materially affect the decision making of the investors? |
No | Management Certificate, Board Resolution, PAS-4, Revised Board Resolution*, Bank Statement and EOGM Resolution$ |
Towards the Objects mentioned in the Offer Document the Company had raised funds in December 2023 and January 2024. As of December 31, 2025, Rs. 64.88 crore is unutilized, however, there is no specified timeline for implementation for raised monies. As per stock exchange filing dated December 02, 2025, promoter shareholding increased from 45.46% as September 30, 2025, to 60.45% as on December 02, 2025 pursuant to a Scheme of Amalgamation between Whitehills Interior Limited and EFC (I) Limited. |
The Company had raised funds in December 2023 and January 2024 towards the objects stated in the Offer Document. As of December 31, 2025, an amount of Rs. 64.88 crore remains unutilized. The deployment of the balance proceeds is aligned with the approved objects and is being undertaken in a phased manner based on business requirements. The absence of a specified timeline does not impact the intended utilization or the Company’s ability to deploy the funds in accordance with the stated objects. Further, the increase in promoter shareholding from 45.46% as on September 30, 2025 to 60.45% as on December 02, 2025 was pursuant to a Scheme of Amalgamation between Whitehills Interior Limited and EFC (I) Limited, as disclosed to the Stock Exchanges. The said increase is a consequence of the approved scheme and does not arise from any fresh acquisition or preferential allotment. |
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| Particulars | Reply | Source of information / certifications considered by Monitoring Agency for preparation of report |
Comments of the Monitoring Agency |
Comments of the Board of Directors |
|---|---|---|---|---|
| Accordingly, there is no additional information that, in the Company’s view, materially affects the decision-making of investors beyond what has already been duly disclosed. |
*During the Board meeting held on May 29, 2024, upon reference by the Audit Committee, the Board approved a clarification on the objective of the preferential issue, which was initially approved by the Board of Directors in their meeting on December 1, 2023, and subsequently by the members in the extraordinary general meeting on December 24, 2023. The clarification specifies that the phrase ‘backward or forward integration, direct or indirect activities, in an organic or inorganic manner’ implies and includes ‘investment in subsidiaries by way of securities, capital, loans, advances, etc.’ The company has further quantified the amount to be utilised under each object.
$Resolution passed by members in EOGM dated July 11, 2024, which allows the company to utilize funds in the subsidiary for the working capital requirement. #Where material deviation may be defined to mean:
a) Deviation in the objects or purposes for which the funds have been raised
b) Deviation in the amount of funds actually utilized by more than 10% of the amount projected in the offer documents.
4) Details of objects to be monitored:
(i) Cost of objects –
| Sr. No |
Item Head |
Source of information / certifications considered by Monitoring Agency for preparation of report |
Comments of the Board of Directors | Comments of the Board of Directors | Comments of the Board of Directors | |||
|---|---|---|---|---|---|---|---|---|
| Original cost (as per the Offer Document) in Rs. Crore |
Revised Cost in Rs. Crore^ |
Comments of the Monitoring Agency |
Reason for cost revision |
Proposed financing option |
Particulars of - firm arrangements made |
|||
| 1 | To grow businesses of the Company through backward or forward integration, direct or indirect activities in an organic or inorganic manner including ‘investment in subsidiaries by way of securities/capital/loan/advances etc’. |
PAS-4, Board Resolution^, EOGM Resolution^ |
242.44 | 169.71 | The approval for cost breakup and definition of object was done by passing board resolution |
No Comments | No Comments | No Comments |
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| 2 | To invest in technology, human resources and other supporting infrastructure to achieve the targeted growth |
PAS-4, Board Resolution^, EOGM Resolution^ |
12.12 | The approval for cost breakup and definition of object was done by passing board resolution |
No Comments | No Comments | No Comments | |
|---|---|---|---|---|---|---|---|---|
| 3 | To provide adequate working capital, including to fund trade and other liabilities, if any including that of subsidiary^ |
PAS-4, Board Resolution^, EOGM Resolution^ |
60.61 | The approval for cost breakup and definition of object was done by passing board resolution |
No Comments | No Comments | No Comments | |
| Total | 242.44 | 242.44 |
*Sourced from Page 8 of the Prospectus and Allotment Securities Form – 4 (PAS-4) passed at Board Meeting held on December 01, 2023.
^The company had passed BR dated May 29, 2024 where in the company had taken approval from Board regarding cost breakup and definition of object . The earlier BR allowed to utilize proceeds for the working capital requirement of the company only. The company has shared Resolution passed by members in EOGM dated July 11, 2024, which allows the company to utilize funds in the subsidiary for the working capital requirement.
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(ii) Progress in the objects –
| Sr. No |
Item Head |
Source of information / certifications considered by Monitoring Agency for preparation of report |
Amount as proposed in the Offer Document in Rs. Crore |
Revised Cost in Rs. Crore |
Amount utilised in Rs. Crore | Amount utilised in Rs. Crore | Amount utilised in Rs. Crore | Total | Comments of the Monitoring Agency |
Comments of the Board of Directors |
Comments of the Board of Directors |
|---|---|---|---|---|---|---|---|---|---|---|---|
| As at beginning of the quarter in Rs. Crore |
During the quarter in Rs. Crore |
At the end of the quarter in Rs. Crore |
Reasons for idle funds |
Proposed course of action |
|||||||
| unutilised | |||||||||||
| amount in | |||||||||||
| Rs. crore | |||||||||||
| 1 | To grow businesses of the Company through backward or forward integration, direct or indirect activities in an organic or inorganic manner including ‘investment in subsidiaries by way of securities / capital / loan / advances etc’. |
PAS-4*, Bank Statement^, CA Certificate@, Board Resolution#, Share Purchase Agreement and Allotment Document |
242.44 | 169.71 | 127.68^ | 17.51^ | 145.19^ | 24.52 | Utilisation is towards subscribing to the Rights Issue of EK Design Industries Limited (subsidiary). Please refer table below for cumulative transactions^. |
No Comme nts |
No Commen ts |
| 2 | To invest in technology, human resources and other supporting infrastructure to achieve the targetedgrowth |
PAS-4*, Invoices, CA Certificate@, Board Resolution |
12.12 | 0.34 | 0.00 | 0.34 | 11.78 | NIL utilisation during the quarter under reporting |
No Comme nts |
No Commen ts |
|
| 3 | To provide adequate working capital, including to fund trade and other liabilities, if any including that of subsidiary# |
PAS-4*, Bank Statements, Invoices, CA Certificate@, Board Resolution#, Tax Challan, and EOGM Resolution |
60.61 | 16.75 | 15.28 | 32.03 | 28.58 | Utilization is towards making tax payment of Whitehills Interior Limited (subsidiary) for working capital requirement which is allowed as effect of EOGM Resolution dated July11,2024. |
No Comme nts |
No Commen ts |
|
| Total | 242.44 | 242.44 | 144.77 | 32.79 | 177.56 | 64.88 |
-
*Sourced from Page 8 of the Prospectus and Allotment Securities Form-4 passed at Board Meeting held on December 01, 2023.
-
@The above details are verified by Mehra Goel & Co vide its CA certificate dated February 05, 2026.
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# The company had passed BR dated May 29, 2024 where in the company had taken approval from Board regarding cost breakup and definition of object . The earlier BR allowed to utilize proceeds for the working capital requirement of the company only. However, the company has shared Resolution passed by members in EOGM dated July 11, 2024, which allows the company to utilize funds in the subsidiary for the working capital requirement.
^Table of utilization pertaining to object-1 over the quarters:
| Quarters | EFC LIMITED | Whitehills Interior Limited | EK Design Industries Limited | EFC Estate Private Limited | Total Amount(Rs. Crore) |
|---|---|---|---|---|---|
| Q4FY24 | 59.82 | 10.32 | 0.11 | 0.00 | 70.25 |
| Q1FY25 | 10.02 | 8.44 | 4.48 | 5.00 | 27.94 |
| Q2FY25 | 25.00 | 0.00 | 0.00 | 0.00 | 25.00 |
| Q3FY25 | 4.50 | 0.00 | 0.00 | 0.00 | 4.50 |
| Q4FY25 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Q3FY26 | 0.00 | 0.00 | 17.51 | 0.00 | 17.51 |
| Grand Total | 99.34^ | 18.76 | 22.10 | 5.00 | 145.19 |
(iii) Deployment of unutilized proceeds:
| Sr. No. | Type of instrument and name of the entity invested in | Amount invested (Rs. Crore) |
Maturity date | Earning | Return on Investment (%) |
Market Value as at the end of quarter (Rs. Crore) |
|---|---|---|---|---|---|---|
| 1 | Fixed Deposit HDFC Bank A/c – 50300911980640 | 25.00 | 15-07-2026 | - | 7.16% | 25.00 |
| 2 | Fixed Deposit HDFC Bank A/c – 50300911981297 | 25.00 | 15-07-2026 | - | 7.16% | 25.00 |
| 3 | Fixed Deposit HDFC Bank A/c – 50301098228384 | 15.00 | 16-01-2026 | - | 7.21% | 15.00 |
| 4 | EFC(I)Limited HDFC Bank Current Account | 0.01 | - | - | - | 0.01 |
| Less: | - | - | - | |||
| 11 | Interest EarningDuring Q3 FY25 | 0.13 | ||||
| Total | 64.88 | 65.01 |
The above details are verified by Mehra Goel & Co vide its CA certificate dated February 05, 2026. Fixed Deposits receipts as provided
(iv) Delay in implementation of the object(s) –
| Completion Date | Completion Date | Comments of the Board of Directors | Comments of the Board of Directors | ||
|---|---|---|---|---|---|
| Objects | Delay (no. of days/ months) | ||||
| Asper the offer document | Actual |
Reason of delay | Proposed course of action | ||
| To grow businesses of the Company through backward or forward integration, direct or indirect activities in an organic or inorganic manner; |
No timeline mentioned in offer document |
Not applicable | No Comments | No Comments |
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| Completion Date | Completion Date | Comments of the Board of Directors | Comments of the Board of Directors | ||
|---|---|---|---|---|---|
| Objects | Delay (no. of days/ months) | ||||
| Asper the offer document | Actual |
Reason of delay | Proposed course of action | ||
| To invest in technology, human resources and other supporting infrastructure to achieve the targeted growth |
No timeline mentioned in offer document | Not applicable | No Comments | No Comments | |
| To provide adequate working capital, including to fund trade and other liabilities,if any. |
No timeline mentioned in offer document | Not applicable | No Comments | No Comments |
5) Details of utilization of proceeds stated as General Corporate Purpose (GCP) amount in the offer document: Not applicable
| Source of information / certifications | |||||
| Amount | |||||
| Sr. No | Item Head^ | considered by Monitoring Agency for | Comments of Monitoring Agency | Comments of the Board of Directors | |
| in Rs. Crore | |||||
| preparation of report | |||||
| Not applicable |
^ Section from the PAS-4 related to GCP: Not applicable as the same is not mentioned in PAS-4
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Disclaimers to MA report:
a) This Report is prepared by CARE Ratings Ltd (hereinafter referred to as “Monitoring Agency/MA” ). The MA has taken utmost care to ensure accuracy and objectivity while developing this Report based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever.
b) This Report has to be seen in its entirety; the selective review of portions of the Report may lead to inaccurate assessments. For the purpose of this Report, MA has relied upon the information provided by the management /officials/ consultants of the Issuer and third-party sources like statutory auditor appointed by the Issuer believed by it to be accurate and reliable.
c) Nothing contained in this Report is capable or intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The MA is also not responsible for any errors in transmission and specifically states that it, or its directors, employees do not have any financial liabilities whatsoever to the users of this Report.
d) The MA and its affiliates do not act as a fiduciary. The MA and its affiliates also do not act as an expert to the extent defined under Section 2(38) of the Companies Act, 2013. While the MA has obtained information from sources it believes to be reliable, it does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives from statutory auditors, lawyers, chartered engineers or other experts, and relies on in its reports. e) The MA or its affiliates may have other commercial transactions with the entity to which the report pertains. As an example, the MA may rate the issuer or any debt instruments / facilities issued or proposed to be issued by the issuer that is subject matter of this report. The MA may receive separate compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of the instruments, facilities, securities or from obligors.