Ganesha Ecosphere Limited confirmed the submission of the Monitoring Agency Report for the quarter ending December 31, 2025. The report, prepared by ICRA Limited, confirmed no deviation in the utilization of proceeds raised via Preferential Issue of Fully Convertible Equity Warrants. The Board of Directors reviewed and took the report on record with ‘no comments’ on February 7, 2026.
Monitoring Report Submission for Q3 FY26
Ganesha Ecosphere Limited has formally submitted the Monitoring Agency Report pertaining to the utilization of proceeds for the quarter ended December 31, 2025. The issuance involved proceeds raised through the Preferential Issue of Fully Convertible Equity Warrants. The documentation was duly reviewed and accepted by the Audit Committee and the Board of Directors on February 7, 2026, with the declaration of ‘no comments’.
Monitoring Agency Findings: No Deviation
The Monitoring Agency, ICRA Limited, confirmed that the utilization of the issuance proceeds remains in line with the objects of the issue. Specifically, the report confirmed:
- Deviation from objects: No deviation was observed.
- Major deviation over earlier reports: No deviation was observed.
The issuer confirmed that all utilization was as per disclosures, and there were no changes to the means of finance for the disclosed objects.
Details of Issue and Proceeds
The issue in question was a Preferential Issue of Warrants which opened on January 17, 2024, and closed on January 18, 2024. The total Net Proceeds amounted to INR 149.97 Crore.
Utilization of Proceeds Summary (as of December 31, 2025)
The total proceeds utilized up to the end of the quarter reached INR 121.66 Crore, leaving an unutilized balance of INR 28.31 Crore.
Utilization Breakdown by Object:
- Capital Expenditure (Plant & Machinery): Proposed at Approx. 82.50 Crore. Utilized 66.99 Crore, with 15.51 Crore remaining unutilized. The completion date remains March 31, 2026, and implementation is On Schedule.
- Repayment of Borrowings (Working Capital): Proposed at Approx. 37.50 Crore. Utilized fully (Nil unutilized). This object was Completed by the offer document deadline of March 31, 2024.
- General Corporate Purposes: Proposed at Approx. 29.97 Crore. Utilized 17.17 Crore, with 12.80 Crore remaining unutilized. The completion date is set for March 31, 2026, and implementation is On Schedule.
Deployment of Unutilized Funds
The unutilized balance of INR 28.43 Crore (as certified by the auditor) was deployed in temporary investments, yielding earnings of INR 0.18 Crore for the quarter. Key deployments include a Fixed Deposit with Yes Bank Limited (INR 25.15 Crore) maturing February 19, 2026.
General Corporate Purpose Utilization Details
Out of the utilized GCP funds (totaling 17.17 Crore), the amounts were primarily allocated towards Working Capital requirements across various fiscal years, confirmed via Bank Statements and Auditor Certificates.
Source: BSE
