CG Power and Industrial Solutions Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026. The report, issued by CARE Ratings Limited, confirms the utilization of funds raised through Qualified Institutions Placement (QIP) has been in line with the offer document’s disclosures and objects, with no material deviation noted.
Monitoring Agency Report Filed for QIP Proceeds
CG Power and Industrial Solutions Limited has officially filed its Monitoring Agency Report, detailing the utilization of proceeds from its Qualified Institutions Placement (QIP). The report covers the quarter ending September 30, 2026, and has been prepared by the appointed Monitoring Agency, CARE Ratings Limited.
Key Findings: No Material Deviation
According to the report, the utilization of the QIP proceeds by CG Power and Industrial Solutions Limited has been in accordance with the objects disclosed in the offer document. The Monitoring Agency has confirmed that there have been no material deviations or changes in the means of finance for the disclosed objects of the issue. The company has utilized the funds for the intended purposes, including the setting up of a power transformer plant.
Financials and Utilization Details
The total proceeds from the QIP amounted to Rs. 3000 crore. As of September 30, 2026, the total utilized amount was Rs. 660.39 crore, with Rs. 2339.61 crore remaining unutilized. The report details the deployment of unutilized proceeds, primarily in fixed deposits with various banks. The report also notes that while there was no expenditure incurred for acquisitions and inorganic growth opportunities in the quarter, general corporate purposes also saw no expenditure in Q2FY27.
Compliance and Future Outlook
The company confirmed that all necessary government/statutory approvals related to the objects have been obtained, and arrangements for technical assistance and collaboration are operational. The report also indicates that the implementation of objects, including setting up an Outsourced Semiconductor Assembly and Test facility, is progressing according to schedule with no delay.
Source: BSE
