Submission of Monitoring Agency Report for the quarter ended 31st March, 2025
GANDHAR · price
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Gandhar Oil Refinery submitted its Q4 FY25 Monitoring Agency Report prepared by ICRA Limited, covering utilization of IPO proceeds from its November 2023 offering. The IPO raised Rs. 500.69 crore in total, with revised net proceeds of Rs. 278.54 crore (up from the original Rs. 263.10 crore due to lower issue expenses). Of this, Rs. 270.60 crore has been deployed, leaving Rs. 7.94 crore unutilized. The investment in Texol (Rs. 22.71 crore) and working capital funding (Rs. 185.01 crore) are fully utilized, while the Silvassa plant capex (Rs. 27.73 crore planned) has Rs. 4.42 crore remaining, with Rs. 39.57 crore used for general corporate purposes. Unutilized funds of Rs. 12.68 crore are parked in an IndusInd Bank fixed deposit earning 7.50% and bank accounts. ICRA confirmed no material deviation from the objects of the issue and no major deviation from prior reports.
This is a routine SEBI compliance filing with a clean report — no material deviations, no adverse events, and no major variances from earlier reports. Shareholders can take comfort that IPO funds are being deployed largely on schedule, though the Silvassa capex is running slightly behind the original FY24 timeline. The earnings from idle funds parked in FDs are a small positive for the company.