Godawari Power & Ispat Limited has submitted the Monitoring Agency Report for the quarter ended December 31, 2025 (Q3FY26), concerning the utilization of proceeds from its ₹500.00 crore Preferential Issue. The report, issued by the Monitoring Agency (CARE Ratings Limited), confirms that utilization aligns with the stated objects, with ₹124.95 crore utilized during the quarter for BESS project investments. There were no adverse observations noted regarding deviation from the objects.
Monitoring Agency Submission for Q3FY26
Godawari Power & Ispat Limited has formally submitted the Monitoring Agency Report for the quarter ending December 31, 2025. This report details the utilization of proceeds raised through the company’s Preferential Issue, which aggregated Rs. 500.00 crore.
The Monitoring Agency confirmed that the utilization adheres to the disclosures made in the Offer Document, specifically noting No adverse observations.
Utilization Details of Issue Proceeds
The total funds received through the share warrants issuance up to Q3FY26 amounted to Rs. 130.01 crore, against an original proposed amount of Rs. 500.00 crore. The total unutilized amount remaining at the end of the quarter was Rs. 5.06 crore.
Object-wise Utilization Summary (Rs. Crore)
The report details the progress against the three primary objects:
Project Funding (Original: 200.00): Utilization during the quarter was 0.00, resulting in 0.00 unutilized amount remaining, as the entirety of the allocated amount appears utilized or reclassified, with Nil unutilized funds reported.
Investment in BESS Projects (Original: 175.00): The company utilized Rs. 124.95 crore during the quarter. The total amount received for this head was Rs. 130.01 crore, leaving an unutilized balance of Rs. 5.06 crore. The Monitoring Agency noted that the funds transferred to the subsidiary will be utilized for the development of the Battery Energy Storage System (BESS) project.
General Corporate Purposes (Original: 125.00): Utilization was 0.00 during the quarter, with Nil unutilized amount noted.
Status of Implementation and Delays
The Monitoring Agency confirmed that there were No changes regarding the means of finance for the disclosed objects. All government and statutory approvals related to the objects have been obtained, referencing the Special Resolution dated September 18, 2025.
Regarding completion deadlines, all three object categories—Project Funding, Investment in BESS Projects, and General Corporate Purposes—are listed as Ongoing, with an expected completion date of Before April 30, 2028. No delays were noted for any object.
Unutilized Proceeds Deployment
The unutilized proceeds of Rs. 5.06 crore were deployed into the Axis Bank Allotment Account (A/C No. 925020048670540), which is an on-demand instrument.
Key Declarations by Monitoring Agency
The report explicitly states that it is based on information believed to be accurate and reliable, and the Monitoring Agency (MA) does not perform an audit. The MA confirmed that there is no conflict of interest in its relationship with Godawari Power and Ispat Limited.
Source: BSE
