Please find attached the Monitoring Agency Report for the Quarter ended December 31, 2025.
GKENERGY · price
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GK Energy Limited has filed the Monitoring Agency Report from CARE Ratings Limited for the quarter ended December 31, 2025, covering utilization of its Rs. 400 crore IPO proceeds raised in September 2025. As of end of Q3 FY26, the company has utilized Rs. 363.84 crore (91% of proceeds), with Rs. 36.16 crore remaining unutilized. Of the total, Rs. 312.78 crore was used for long-term working capital needs (vendor payments for solar modules, cables, connectors), Rs. 31.55 crore for General Corporate Purposes (including Rs. 7.77 crore in director salaries and Rs. 0.77 crore in royalty to a director), and Rs. 19.51 crore for issue expenses. The Monitoring Agency confirmed no deviation from the stated objects of the issue. Unutilized funds of Rs. 36.16 crore are parked in fixed deposits with IndusInd Bank (Rs. 25 crore at 6.20%) and current accounts with HDFC Bank and IndusInd Bank.
The report confirms IPO funds are being used as promised, with strong utilization pace of about 91% within the first full quarter, which is a positive signal for shareholders. However, investors may note that a meaningful portion of General Corporate Purpose funds (Rs. 7.77 crore in director salaries and Rs. 0.77 crore in royalty) was used for promoter/director-related payments, which could attract scrutiny from minority shareholders. No deviation or delay in implementation has been reported, and the stock is unlikely to see a major reaction to this routine disclosure.