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Salasar Techno Engineering Limited — Capital/Financing Update 2025
Feb 14, 2025
60476_rns_2025-02-14_dbc27f85-8dfa-4f97-a150-7a81021b7707.pdf
Capital/Financing Update
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Salasar Techno Engineering Limited
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Date: 14.02.2025
To,
The Manager – Listing The Secretary National Stock Exchange of India Ltd. Exchange Plaza, Corporate Relationship Dept. Bandra Kurla Complex Bandra East BSE Limited Mumbai – 400051 P. J. Tower, Dalal Street, Symbol - SALASAR Mumbai – 400001 Scrip Code: 540642
SUB: Monitoring Agency Report for quarter ended December 31, 2024
Dear Sir/ Madam,
Pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the Monitoring Agency Report for the quarter ended 31[st] December 2024, issued by CARE Ratings Limited to monitor the utilization of proceeds of the Preferential Issue of Equity Shares and Fully-Convertible Warrants.
The above information will be made available on the Company’s website at www.salasartechno.com
You are requested to kindly take the same on record.
Yours faithfully,
For Salasar Techno Engineering Limited
MOHIT Digitally signed by KUMAR MOHIT KUMAR GOEL Date: 2025.02.14 GOEL 17:26:42 +05'30'
Mohit Kumar Goel Company Secretary & Compliance Officer
CIN No. - L23201UP2001PLC209751
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Regd. Office & Unit 1- Kh. No. 265, 281 to 288, Parsaun Jindal Nagar, Panchsheel Nagar, Hapur Jindal Nagar, Ghaziabad, Uttar Pradesh – 201015
Unit 2 - Khasra 1184, 1185, Khera, Pilkhuwa, Tehsil Dhaulana, Distt. Hapur-245304
+91 8938802180, 7351991000 +91 120 6546670 Fax: +91 11 45823834
Unit 3 - Khasra 686/6, Khera, Pilkhuwa, Tehsil Dhaulana, Distt. Hapur-245304
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www.salasartechno.com
[email protected] [email protected]
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No. CARE/NRO/GEN/2024-25/1138
The Board of Directors
Salasar Techno Engineering Limited Khasra No. 265,281,282, 283,284,285, 286, 287 and 288 Jindal Nagar, Parsaun Dasna Uttar Pradesh, Hapur, India-201313
February 14, 2025
Dear Sir/Ma’am,
Monitoring Agency Report for the quarter ended December 31, 2024 - in relation to the Preferential Issue of Salasar Techno Engineering Limited (“the Company”)
We write in our capacity of Monitoring Agency for the preferential Issue for the amount aggregating to Rs. 290.77 crore (Preferential issue of equity share: Rs. 166.67 crores & Preferential issue of share warrants: Rs.124.10 crores) 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, 2024, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated May 01, 2024.
Request you to kindly take the same on records.
Thanking you, Yours faithfully,
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Rajan Sukhija
Assistant Director
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CARE Ratings Limited 9th floor, C-001/A2, Berger Towers, Sector 16B, Noida, Gautam Budh Nagar, Uttar Pradesh -201301 Phone: +91-120-4452000
4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: [email protected] • www.careedge.in
CIN-L67190MH1993PLC071691
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Report of the Monitoring Agency
Name of the issuer: Salasar Techno Engineering Limited For quarter ended: December 31, 2024 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: No
(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 and designation of the Authorized Signatory: Rajan Sukhija Designation of Authorized person/Signing Authority: Assistant Director
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CARE Ratings Limited 9th floor, C-001/A2, Berger Towers, Sector 16B, 4th Floor, Godrej Coliseum, Somaiya Hospital Noida, Road, Off Eastern Express Highway, Sion (East), Gautam Budh Nagar, Uttar Pradesh -201301 Mumbai - 400 022 Phone: +91-120-4452000 Phone: +91-22-6754 3456 Email: [email protected] • www.careedge.in
CIN-L67190MH1993PLC071691
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1) Issuer Details:
Name of the issuer Name of the promoter Industry/sector to which it belongs
: Salasar Techno Engineering Limited : Mr. Alok Kumar : Industrial Products - Iron & Steel Products
2) Issue Details
Issue Period Type of issue (public/rights) Type of specified securities IPO Grading, if any Issue size (in crore)
: 18 months from date of allotment (Date of allotment: April 30, 2024) : Preferential Issue : Equity shares and fully convertible warrants : Not applicable. : Rs. 290.77
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? |
Yes | Management Certificate, Chartered Accountant certificate*, Bank statements |
Not applicable | No comments |
| Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the Offer Document? |
Not applicable |
Not applicable | Not applicable | No comments |
| Whether the means of finance for the disclosed objects of the issue have changed? |
No | Not applicable | Not applicable | No comments |
| Is there any major deviation observed over the earlier monitoring agency reports? |
No | Not applicable | Not applicable | No comments |
| Whether all Government/statutory approvals related to the object(s) have been obtained? |
Yes | Board Resolution, Offer Document | Not applicable | No comments |
| Whether all arrangements pertaining to technical assistance/collaboration are in operation? |
Not applicable |
Not applicable | Not applicable | No comments |
| Are there any favorable/unfavorable events affecting the viability of these object(s)? |
Not applicable |
Not Applicable | Not Applicable | No comments |
| Is there any other relevant information that may materially affect the decision making of the investors? |
No | Not applicable | Not Applicable | No comments |
| CARE Ratings Limited 9th floor, C-001/A2, Berger Towers, Sector 16B, Noida, Gautam Budh Nagar, Uttar Pradesh -201301 Phone: +91-120-4452000 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: [email protected] • www.careedge.in CIN-L67190MH1993PLC071691 * CA certificate from Prateek Gupta & Co. (peer reviewed) dated January 22, 2025 |
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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 –
| S. No. |
Item Head |
Source of information / certifications considered by Monitoring Agency for preparation of report |
Original cost (as per the Offer Document) in Rs. Crore |
Comments of the Board of Directors | Comments of the Board of Directors | Comments of the Board of Directors | ||
|---|---|---|---|---|---|---|---|---|
| Revise d Cost in Rs. Crore |
Comment s of the Monitorin g Agency |
Reason for cost revision |
Proposed financing option |
Particulars of -firm arrangement s made |
||||
| 1 | Issue related expenses | Offer Documents, Board Resolution copy | 46.04 | 7.77 | @ | No comments | No comments | No comments |
| 2 | General Corporate Purposes | Offer Documents, Board Resolution copy | 185.00 | 0.00 | No comments | No comments | No comments | |
| 3 | Financing of acquisition | Offer Documents, Board Resolution copy | 250.00 | 178.00 | No comments | No comments | No comments | |
| 4 | Working capital requirements | Offer Documents, Board Resolution copy | 300.00 | 95.00 | No comments | No comments | No comments | |
| 5 | Capital Expenditure including towards development, refurbishment & renovation of Assets |
Offer Documents, Board Resolution copy | 25.00 | 10.00 | No comments | No comments | No comments | |
| Total | 806.04 | 290.77 |
@Initially company obtained shareholders’ approval for preferential issue of Rs. 806.04 through EGM dated February 19, 2024. However, subsequently the company made preferential issue of Rs. 290.77 crores only and objects of the issue were revised accordingly as per the above table through board resolution dated April 30, 2024.
| (ii) Progress in the objects– | (ii) Progress in the objects– | Comments of the Board of Directors Reasons for idle funds Proposed course of action No comments No comments No comments No comments |
Comments of the Board of Directors Reasons for idle funds Proposed course of action No comments No comments No comments No comments |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| S. 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 |
Amount raised till date i.e. December 31, 2024 |
Amount utilised in Rs. Crore | Total unutilis |
Comme nts of the Monitori ng Agency |
Comments of the Board of Directors |
|||
| As at beginning of the quarter in Rs. Crore |
During | At the | ed | Reasons for idle funds |
Proposed course of action |
||||||
the |
end of | amount | |||||||||
| quarter | the | in Rs. | |||||||||
in Rs. |
quarter in | crore | |||||||||
| Crore | Rs. Crore |
||||||||||
| 1 | Issue related expenses |
Management Certificate, CA certificate*, Board Resolution copy, Bank statements |
7.77 | 232.80 | - | 0.21 | 0.21 | 0.03 | - | No comments |
No comments |
| 2 | Financing of acquisition |
Management Certificate, CA certificate*, Board Resolution copy, Bank statements |
178.00 | 179.27^ | - | 179.27^ | - | No comments |
No comments |
||
| CARE Ratings Limited 9th floor, C-001/A2, Berger Towers, Sector 16B, Noida, Gautam Budh Nagar, Uttar Pradesh -201301 Phone: +91-120-4452000 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: [email protected] • www.careedge.in CIN-L67190MH1993PLC071691 |
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| S. No Item Head Source of information / certifications considered by Monitoring Agency for preparation of report 3 Working capital requirements Management Certificate, CA certificate, Board Resolution copy, Bank statements 4 Capital Expenditure including towards development, refurbishment and renovation of Assets Management Certificate, CA certificate, Board Resolution copy, Bank statements Total |
Item Head |
Source of information / certifications considered by Monitoring Agency for preparation of report |
Amount as proposed in the Offer Document in Rs. Crore |
Amount raised till date i.e. December 31, 2024 |
Amount utilised in Rs. Crore | Amount utilised in Rs. Crore | Amount utilised in Rs. Crore | Total unutilis |
Comme nts of the Monitori ng Agency |
Comments of the Board of Directors |
Comments of the Board of Directors |
|---|---|---|---|---|---|---|---|---|---|---|---|
| As at beginning of the quarter in Rs. Crore |
During | At the | ed | Reasons for idle funds |
Proposed course of action |
||||||
the |
end of | amount | |||||||||
| quarter | the | in Rs. | |||||||||
in Rs. |
quarter in | crore | |||||||||
| Crore | Rs. Crore |
||||||||||
| Working capital requirements |
Management Certificate, CA certificate*, Board Resolution copy, Bank statements |
95.00 | 53.00 | 0.29 | 53.29 | - | No comments |
No comments |
|||
| Capital Expenditure including towards development, refurbishment and renovation of Assets |
Management Certificate, CA certificate*, Board Resolution copy, Bank statements |
10.00 | - | - | - | - | No comments |
No comments |
|||
| 290.77 | 232.80 | 232.27 | 0.50 | 232.77 | 0.03 |
-
CA certificate from Prateek Gupta & Co. dated January 22, 2025
-
^ Utilization is within permission limit of +/- 10%.
(iii) Deployment of unutilized proceeds:
| Sr. No. | Type of instrument and name of the entity invested in |
Amount invested (In Rs. Crore) |
Maturity date | Earning | Return on Investment (%) |
Market Value as at the end of quarter |
|---|---|---|---|---|---|---|
| 1. | Monitoring account | 0.03 | - | - | - | 0.03 |
(iv) Delay in implementation of the object(s):
| y p | Comments of the Board of Directors Reason of delay Proposed course of action No comments No comments No comments No comments No comments No comments No comments No comments |
Comments of the Board of Directors Reason of delay Proposed course of action No comments No comments No comments No comments No comments No comments No comments No comments |
|||
|---|---|---|---|---|---|
| Comments of the Board of | |||||
| Completion Date | Delay | ||||
| Directors | |||||
| Objects | (no. of days/ |
||||
| As per the offer | Reason of | Proposed course | |||
| Actual | months) | ||||
document |
delay | of action |
|||
| Issue related expenses | December 2025* | Ongoing | No Delay | No comments | No comments |
| Financing of acquisition | December 2025 | Ongoing | No Delay | No comments | No comments |
| Working capital requirements | December 2025 | Ongoing | No Delay | No comments | No comments |
| Capital Expenditure including towards development, refurbishment and renovation of Assets | October 2025 |
Ongoing | No Delay | No comments | No comments |
| CARE Ratings Limited 9th floor, C-001/A2, Berger Towers, Sector 16B, Noida, Gautam Budh Nagar, Uttar Pradesh -201301 Phone: +91-120-4452000 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: [email protected] • www.careedge.in CIN-L67190MH1993PLC071691 |
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*Board of Directors vide board resolution dated October 22, 2024, has extended the timeline for utilization of issue related expenses to December 2025 through board resolution as against earlier timeline of September 2024.
| 5) Details of utilization of proceeds stated as General Corporate Purpose (GCP) amount in the offer document: | 5) Details of utilization of proceeds stated as General Corporate Purpose (GCP) amount in the offer document: | 5) Details of utilization of proceeds stated as General Corporate Purpose (GCP) amount in the offer document: | 5) Details of utilization of proceeds stated as General Corporate Purpose (GCP) amount in the offer document: | 5) Details of utilization of proceeds stated as General Corporate Purpose (GCP) amount in the offer document: | 5) Details of utilization of proceeds stated as General Corporate Purpose (GCP) amount in the offer document: |
|---|---|---|---|---|---|
| Source of information / certifications | |||||
| Amount | Comments of the Board |
||||
| Sr. No | Item Head | considered by Monitoring Agency for | Comments of Monitoring Agency | ||
| in Rs. Crore | of Directors |
||||
| preparation of report | |||||
| Not Applicable* |
- CA certificate from Prateek Gupta & Co. (peer reviewed) dated January 22, 2025
CARE Ratings Limited 9th floor, C-001/A2, Berger Towers, Sector 16B, Noida, Gautam Budh Nagar, Uttar Pradesh -201301 Phone: +91-120-4452000
CIN-L67190MH1993PLC071691
4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: [email protected] • www.careedge.in
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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 auditors (or from peer reviewed CA firms) 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 auditors (or from peer reviewed CA firms), 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.
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CARE Ratings Limited 9th floor, C-001/A2, Berger Towers, Sector 16B, Noida, Gautam Budh Nagar, Uttar Pradesh -201301 Phone: +91-120-4452000
4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: [email protected] • www.careedge.in
CIN-L67190MH1993PLC071691