Regulatory1 Aug 2026, 01:01 pm
Power Mech Projects: Monitoring Agency Report for QIP Proceeds
AI Summary
Power Mech Projects Ltd has submitted its Monitoring Agency Report for the quarter ended June 30, 2026, concerning the utilization of proceeds from its Qualified Institutional Placement (QIP). The report, issued by CARE Ratings Limited, confirms that the utilization of the Rs. 343.40 crore QIP proceeds is in line with the objects disclosed in the Offer Document. The company raised Rs. 350 crore through the QIP between October 18-23, 2023. CARE Ratings Limited, acting as the Monitoring Agency, has declared that there are no deviations from the stated objects and no material deviations in expenditures. The report is submitted as per SEBI regulations.
Key Highlights
- Monitoring Agency Report submitted for QIP proceeds utilization.
- QIP amount aggregated to Rs. 343.40 crore.
- Utilization is in line with the Offer Document disclosures.
- No deviations from the objects of the issue were reported.
- Report covers the quarter ended June 30, 2026.
Price Impact
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