Monitoring Agency report for the quarter ended June 30, 2025
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India Ratings, the monitoring agency, has filed its report on how Genus Power used the INR 519.01 crore it raised in August–September 2023 through a preferential issue of 4.59 crore share warrants at Rs. 112.88 each. The money was earmarked for three purposes: investing in related parties for smart meter AMISP projects (Rs. 350 crore), general corporate purposes (Rs. 150 crore), and other needs (Rs. 19 crore). As of June 30, 2025, the company has used Rs. 376.48 crore in total, with Rs. 142.52 crore still unutilized and parked in fixed deposits with AU Small Bank and Yes Bank earning 6.9% to 8.2% annual interest. During the quarter, Rs. 42.57 crore was deployed, including a loan to related party Gemstar Infra Pte Ltd. The agency confirmed no deviation from the stated objects, but noted delays: the AMISP project deadline has slipped and the general corporate purpose deadline has been pushed further to June 30, 2026.
Slow deployment of the Rs. 350 crore AMISP/smart meter funds and a related-party loan of Rs. 42.57 crore to Gemstar Infra Pte Ltd may concern shareholders, but idle funds are safely parked in bank FDs. The extension of the general corporate purpose deadline to June 30, 2026 is a routine SEBI disclosure and not a red flag on its own.