attaching herewith Monitoring Agency Report for the Quarter ended March 31, 2026
CONFIPET · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CARE Ratings Ltd, as Monitoring Agency, submitted its Q4 FY2026 report for Confidence Petroleum India's Rs. 250.11 crore preferential issue. The report highlights delays in fund utilization beyond the original February 2025 deadline, with unutilized funds of Rs. 1.02 crore remaining as of March 31, 2026. The company has extended the utilization timeline twice to June 14, 2026. The monitoring agency flagged concerns about fund comingling, as transactions were routed through multiple current accounts with other business transactions, making direct utilization tracing difficult. Share price has declined approximately 36% since the issue announcement, currently trading at Rs. 56.99 against the issue price of Rs. 88.60. All four project heads (ALDS, CNG, PCD, and General Corporate Purpose) show completed utilization except for Rs. 1.02 crore in GCP. No material deviations from objects were reported.
The delays in fund utilization and share price decline suggest execution challenges. The comingling of issue proceeds with operational funds raises minor governance concerns, though the monitoring agency verified transactions on a sample basis. Shareholders should note the extended timeline for full deployment and monitor completion by June 2026.