Monitoring Agency Report for quarter ended June 30, 2025
IRMENERGY · price
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Awaiting price reaction for this filing.
IRM Energy has filed the CRISIL Monitoring Agency Report on the use of its October 2023 IPO proceeds (net Rs 4,957.59 million) for the quarter ended June 30, 2025. As of June 30, 2025, the company has utilized Rs 2,430.56 million (about 49% of net proceeds), leaving Rs 2,527.03 million unutilized. The loan repayment object (Rs 1,350 million) is fully utilized since September 2024, while only Rs 550.31 million out of the Rs 3,072.62 million earmarked for the City Gas Distribution (CGD) network in Namakkal and Tiruchirappalli (Tamil Nadu) has been spent so far, with Rs 2,522.32 million still pending. General Corporate Purposes usage stands at Rs 530.25 million of Rs 534.97 million. During the quarter, just Rs 76.72 million was deployed. Unutilized funds (Rs 2,540.16 million) are parked in fixed deposits with Bank of Baroda and IndusInd Bank, earning 6.35%–7.80% interest, with accrued interest of Rs 101.16 million. There is no deviation from the stated objects, no delay reported, and all required approvals are in place.
For shareholders, this is a routine, neutral-to-mildly-positive update: the IPO money is being used as planned with no misuse, but a large chunk earmarked for the Tamil Nadu CGD network expansion remains unspent nearly two years after listing, which signals slower-than-expected capex rollout. The unutilized funds are safely parked in bank FDs earning healthy interest, so there is no immediate negative stock-price trigger.