CG Power and Industrial Solutions Limited has released its Monitoring Agency Report for the quarter ended December 31, 2025. The report, issued by CARE Ratings Limited, confirms that proceeds raised through the Qualified Institutions Placement (QIP) have been utilized appropriately for the objectives outlined in the offer document. The company has disclosed details of fund utilization, deployment in fixed deposits, and progress on project implementation.
QIP Fund Utilization
The Monitoring Agency Report for Q3 2025 confirms that CG Power has used the funds raised through its Qualified Institutions Placement (QIP) in line with the objectives specified. The report indicates that funds have been allocated towards investment in subsidiaries and other strategic initiatives.
Subsidiary Investment
As per the report, ₹184.67 crore was invested in CG Semi Private Limited during Q3 2025. However, due to various debits and credits in the subsidiary’s accounts, the monitoring agency was unable to ascertain the exact utilization of the funds and relied on certifications from the company. The investment is towards setting up an Outsourced Semiconductor Assembly and Test (OSAT) facility.
Strategic Initiatives
The report highlights that ₹43.36 crore was utilized in Q3 2025 towards setting up a power transformer plant. Details of all fixed deposits and their maturity dates are also included.
Unutilized Funds
As of December 31, 2025, the total unutilized amount from the QIP proceeds stood at ₹2725.63 crore. These funds are primarily deployed in fixed deposits with various banks, including SBI and HDFC Bank, earning interest at approximately 6.5%. The market value of these investments as of the quarter’s end was ₹2811.41 crore.
General Corporate Purpose
A small amount of ₹0.03 crore was utilized for general corporate purposes, specifically for tax deducted at source (TDS) payments. This expenditure has been approved by the board.
Project Timelines
The company confirms that the projects are progressing according to schedule, with no delays reported in setting up the OSAT facility and the power transformer plant. Both are slated for completion by Fiscal 2029.
Source: BSE
