Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 162A (4) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, the Monitoring Agency Report for the quarter ended on March 31, 2025, issued by Care Ratings Ltd, duly reviewed by the Audit Committee of the Company is enclosed herewith
CONFIPET · price
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Awaiting price reaction for this filing.
Confidence Petroleum India filed the Q4 FY25 Monitoring Agency Report from CARE Ratings for its Rs. 250.11 crore preferential issue allocated to four projects: ALDS (Rs. 75 cr), CNG (Rs. 75 cr), PCD (Rs. 75 cr), and General Corporate Purpose (Rs. 25.11 cr). Of the total, only Rs. 155.46 crore (about 62%) has been utilised, with Rs. 94.66 crore still unutilised and parked in fixed deposits with Axis Bank, SBI and ICICI Bank. The company missed its original February 14, 2025 utilisation deadline and extended it by a full year to February 14, 2026 via a board resolution dated February 8, 2025. CARE Ratings flagged that funds were routed through multiple current accounts leading to comingling, no invoices were provided for the capex, and verification relied mainly on a CA certificate from L N J & Associates. The stock is trading at Rs. 55.20 against an issue price of Rs. 88.60, a roughly 38% decline from issue and a 59% drop since the issue was announced.
Negative for shareholders and preferential issue subscribers: slow project execution, weak governance disclosure (no invoices, comingled funds), and heavy erosion in issue value. Investors should watch whether the company actually deploys the remaining Rs. 94.66 crore within the new February 2026 deadline, as further delays or continued stock weakness could trigger shareholder concerns.