Monitoring Agency Report for the quarter ended on June 30, 2025
CONFIPET · price
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Confidence Petroleum India Limited has filed the Monitoring Agency (MA) Report from CARE Ratings for Q1FY26 (quarter ended June 30, 2025) for its Rs. 250.11 crore Preferential Issue of equity shares. Out of the total, Rs. 159.56 crore has been utilised so far (Rs. 47.74 crore in ALDS project, Rs. 44.07 crore in CNG project, Rs. 47.24 crore in PCD project, and Rs. 20.51 crore in general corporate purposes), leaving Rs. 90.55 crore unutilised. The company missed the original deadline of February 14, 2025 for full utilisation and the board has extended the timeline to February 14, 2026. The unutilised Rs. 90.55 crore is parked in fixed deposits across Axis Bank, ICICI Bank, and SBI. The MA flagged that issue proceeds are comingled with regular operations across multiple current accounts, making direct end-use tracing difficult, and relied primarily on a CA certificate for verification. The report also notes that the share price has fallen around 44% from the issue announcement, with the current price of Rs. 51.22 well below the issue price of Rs. 88.60.
Roughly 36% of the issue proceeds remain unutilised even after a one-year deadline extension, and the comingling of funds adds some governance and tracking concerns for shareholders, though funds are safely parked in bank FDs. The sharp gap between the issue price (Rs. 88.60) and the current market price (Rs. 51.22) is a negative signal for investors who came in via the preferential issue.