Diamond Power Infrastructure Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026. The report, issued by CARE Ratings Limited, details the utilization of funds raised through its Qualified Institutions Placement (QIP). The findings were reviewed by the company’s Audit Committee on November 3, 2026. The report confirms that the utilization of proceeds is in line with the objects disclosed in the offer document.
Monitoring Agency Report Submitted for Q2 2026
Diamond Power Infrastructure Limited has formally presented its Monitoring Agency Report for the fiscal quarter concluding on September 30, 2026. This report, prepared by CARE Ratings Limited in its capacity as the Monitoring Agency, scrutinizes the deployment of funds raised via the company’s Qualified Institutions Placement (QIP).
Audit Committee Review and Findings
The Audit Committee of Diamond Power Infrastructure Limited convened on November 3, 2026, to thoroughly review the aforementioned Monitoring Agency Report. The report, which adheres to the format prescribed by SEBI, confirms that the utilization of the QIP proceeds is consistent with the objectives initially outlined in the offer document.
Details of Fund Utilization
According to the report, the QIP proceeds totaling Rs. 1,613.97 crore were allocated across several key areas:
- Repayment/pre-payment of unsecured borrowings: Rs. 340.00 crore utilized.
- Funding incremental working capital requirements: Rs. 489.08 crore utilized.
- Funding capital expenditure for expansion and development of manufacturing facilities: Rs. 33.17 crore utilized.
- General Corporate Purposes: Rs. 198.55 crore utilized, including repayment of unsecured loans and payments to NCLT financial creditors.
- Issue expenses: Rs. 36.98 crore utilized.
A total of Rs. 1,097.78 crore was utilized during the quarter, leaving an unutilized amount of Rs. 516.19 crore as of September 30, 2026. A significant portion of the unutilized funds has been parked in term deposits with various banks, earning a return on investment.
Note on Corporate Insolvency Resolution Process (CIRP)
The report also provides context regarding the company’s past financial challenges, including its admission into the Corporate Insolvency Resolution Process (CIRP) in August 2018. Following the implementation of a resolution plan, the company’s control transferred to a new promoter group, leading to a turnaround in operations. By September 2026, Diamond Power Infrastructure Limited fulfilled its obligations under the resolution plan, including prepayment of cash consideration, marking its exit from the NCLT resolution framework.
Auditor’s Opinion and Adjustments
While the FY26 annual report contained a qualified opinion from the auditor concerning the verification of PPE and CWIP, subsequent adjustments in Q1FY27 led to an unmodified opinion in a limited review report, with an Emphasis of Matter on depreciation adjustments. The company has regularized historical depreciation shortfalls through aggregate prior-period adjustments.
Source: BSE
