Quarterly Updates30 Jul 2025, 01:45 pm
Power Mech Projects Utilizes QIP Proceeds as Per Offer Document, Installation of Coal Washery in Progress
AI Summary
Power Mech Projects Ltd has utilized Rs. 103.40 crore towards prepayment of working capital debt and general corporate purposes from the net proceeds of the QIP issue which amounts to Rs. 343 crore. The remaining amount of Rs. 240 crore will be utilized towards installation of coal washery by financial year 2026. The company has received all the required approvals for the installation of coal washery for the Tasra MDO project, but there is a delay in utilization of proceeds due to delay in receipt of approvals.
Key Highlights
- Power Mech Projects Ltd has utilized Rs. 103.40 crore from the net proceeds of the QIP issue which amounts to Rs. 343 crore
- The remaining amount of Rs. 240 crore will be utilized towards installation of coal washery by financial year 2026
- The company has received all the required approvals for the installation of coal washery for the Tasra MDO project
- There is a delay in utilization of proceeds due to delay in receipt of approvals