Monitoring Agency Report for the quarter ended on March 31, 2026
CONFIPET · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CARE Ratings Limited, as monitoring agent for Confidence Petroleum India's Rs 250.11 crore preferential issue (February 2024), submitted its Q4 FY2026 report. The MA confirmed no formal deviation from stated objects but flagged two concerns: (1) fund comingling — proceeds were routed through multiple ICICI Bank current accounts mixed with other transactions, making direct utilization tracing difficult; 788 transactions were verified on a sample basis relying on a CA certificate. (2) Delay in utilization — original deadline was February 14, 2025; extended to February 14, 2026, and further to June 14, 2026. As of March 31, 2026, only ₹1.02 crore remained unutilized. For General Corporate Purpose, ₹3.58 crore was transferred to a cash credit account for working capital, but ₹0.97 crore sat idle in another current account. All three capex projects (ALDS, CNG, PCD) are reported complete as of March 31, 2026, though behind the extended timeline. The MA also noted the share price has declined ~36% since the issue announcement and is currently ~10% below its issue price of ₹88.60.
The monitoring agency raised concerns about fund comingling and delays, which could invite regulatory scrutiny. The stock trading below the issue price adds further investor unease, though the company states no material deviations occurred and ₹249.09 crore of ₹250.11 crore has been deployed.