Monitoring Agency Report of Clean Max Enviro Energy Solutions Limited for the quarter and financial year ended 31 March 2026
CLEANMAX · price
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CARE Ratings, as monitoring agent for Clean Max's IPO, confirmed that Rs. 1,202.98 crore was raised (slightly above the planned Rs. 1,200 crore because employee shares under-subscribed were opened to public at par). Of the proceeds, Rs. 523.67 crore was deployed during the quarter towards repayment of outstanding borrowings. Rs. 677.27 crore remains unutilized, parked in fixed deposits with Axis Bank (Rs. 250 crore), IDFC Bank (Rs. 300 crore), IndusInd Bank (Rs. 24 crore), and balance in monitoring/public offer accounts. No deviations from stated objects were reported. The monitoring agency noted a minor procedural gap: the incremental Rs. 2.98 crore above the offer document amount was not explicitly approved by the board, though management confirmed it will go towards general corporate purposes.
The IPO proceeds are being utilized as disclosed, with no material deviations found. The unutilized funds are parked in safe, liquid instruments. The lack of formal board approval for the Rs. 2.98 crore overage is a minor governance gap but not a regulatory concern.