Please find attached herewith the Monitoring Agency Report issued by CARE Ratings Limited in respect of utilization of proceeds raised through Preferential Issue for the quarter ended 31.03.2026.
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Godawari Power and Ispat Ltd has submitted its Q4 FY26 monitoring agency report by CARE Ratings for a Rs. 500 crore preferential issue of fully convertible equity share warrants (issue period: September-November 2025). The company has received Rs. 150.22 crore (30% of total) so far, with Rs. 150.17 crore deployed - primarily Rs. 150.17 crore invested into the BESS (Battery Energy Storage System) project via subsidiary Godawari New Energy Private Limited. CARE Ratings flagged that only Rs. 25.22 crore could be directly linked to the preferential issue funds for BESS investment, as multiple fund inflows/outflows made one-to-one linkage inconclusive. General corporate purpose funds remain completely unutilized. No material deviations from stated objects were observed.
The filing indicates fund deployment is progressing in line with disclosure documents for the BESS project. However, the 70% balance warrant consideration (Rs. 349.78 crore) remains contingent on company performance and warrant holder intent, which introduces some execution risk for investors tracking capital deployment.