Monitoring Agency Report for the Quarter ended 31.03.2025
GANECOS · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Ganesha Ecosphere has filed Monitoring Agency Reports (by ICRA) for the quarter ended March 31, 2025, covering two fund raises. Under the Preferential Issue of 14.49 lakh warrants at Rs 1,035, the company raised an intended Rs 149.97 crore but only Rs 46.04 crore (about 31%) has been received against warrants so far. Of this, Rs 37.50 crore has been used for repayment of borrowings and Rs 8.54 crore sits idle in a bank account; capex on Rpet Resin/Granules and Filament Yarn plant (Rs 82.50 crore planned) and General Corporate Purposes (Rs 29.97 crore) are yet to begin. Under the QIP of 35.18 lakh equity shares at Rs 995, net proceeds stood at Rs 339.74 crore, of which Rs 313.74 crore has already been deployed — Rs 190 crore fully repaid borrowings, Rs 82.97 crore (of Rs 83.53 crore) spent on capex for rPET/PPSF/RPSF facilities, and Rs 40.77 crore used for general corporate purposes including term loan repayments and working capital. The remaining Rs 25.99 crore is unutilized. ICRA reported no deviation from stated objects and all timelines are on schedule.
Neutral to mildly positive — fund utilization in both raises is on track with no deviation, and a significant portion of the QIP proceeds has already been deployed for debt reduction and capacity expansion, supporting the balance sheet. Investors may note that ~Rs 112 crore from the warrant issue is still pending receipt, which delays planned capex.