Monitoring Agency Report for the quarter ended 31st December, 2025
GODAVARIB · price
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Godavari Biorefineries filed its final Monitoring Agency Report from CARE Ratings covering the use of its Rs. 325 crore IPO proceeds raised in October 2024. The report confirms Rs. 324.91 crore was transferred to the monitoring account, a minor shortfall of Rs. 0.09 crore (0.03%) from the gross proceeds. Of the total, Rs. 240 crore was used for repayment/prepayment of borrowings, Rs. 18.02 crore for issue expenses (revised down from Rs. 21.39 crore), and Rs. 66.89 crore for general corporate purposes (revised up from Rs. 63.61 crore). The board reclassified Rs. 3.37 crore in surplus from issue expenses into general corporate purposes via resolutions dated May 24, 2025 and during Q3 FY26. The company also disclosed net losses of Rs. 23.41 crore in FY25 and Rs. 57.61 crore in H1 FY26, partly attributed to a one-time notional deferred tax impact of Rs. 24 crore. No delay in implementation was reported, and this is the last monitoring report for the IPO.
For shareholders, the report confirms that nearly all IPO funds have been deployed as planned with only a negligible shortfall, signaling closure of IPO-related disclosures. However, the disclosure of widening losses (Rs. 57.61 crore in H1 FY26) and comingling of IPO funds with operational cash credit accounts may raise minor governance concerns, though the company attributes losses partly to a non-cash tax adjustment and sugar off-season factors.