CG Power and Industrial Solutions Limited has released the Monitoring Agency Report for the quarter ended September 30, 2025. The report, issued by CARE Ratings Limited, pertains to the utilization of proceeds from a Qualified Institutions Placement (QIP). The monitoring agency confirms that the QIP proceeds have been utilized as per the disclosures in the offer document, with no deviations noted.
QIP Proceeds Utilization
CG Power and Industrial Solutions Limited confirms that the proceeds from its Qualified Institutions Placement (QIP) have been utilized appropriately for the objectives outlined in the offer document. This assessment comes from the Monitoring Agency Report issued by CARE Ratings Limited for the quarter ending September 30, 2025.
Key Observations from the Report
The CARE Ratings report highlights the following key points:
- All utilization is in accordance with the disclosures made in the Offer Document.
- There were no material deviations from planned expenditures.
- The means of finance for the disclosed objects of the issue have not changed.
- All government and statutory approvals related to the projects have been obtained.
- All arrangements pertaining to technical assistance and collaboration are operational.
Allocation of Funds
The QIP proceeds are primarily allocated to:
- Investment in Subsidiary (CG Semi Private Limited): For funding capital expenditure requirements to set up an Outsourced Semiconductor Assembly and Test (OSAT) facility, with ₹132.81 Crore utilized during the quarter, leaving an unutilized amount of ₹930.04 Crore.
- Funding Capital Expenditure Requirements: Strategic initiatives of the Company, including setting up for a power transformer plant. Approximately ₹20.08 Crore utilized during the quarter leaving unutilized ₹836.90 Crore.
Deployment of Unutilized Proceeds
The unutilized funds are primarily invested in fixed deposits and mutual funds, generating earnings for the company. Significant amounts are held in Fixed Deposits with SBI and Axis Bank, with maturity dates in 2027 and 2030, respectively. Additionally, a substantial portion is invested in SBI Liquid Fund Direct Growth.
Source: BSE
