Awaiting price reaction for this filing.
CARE Ratings has submitted its Monitoring Agency Report for the quarter ended March 31, 2025, tracking the use of Rs. 1,250 crore raised via a Qualified Institutional Placement (QIP) in July 2024. Of the total, Rs. 550.37 crore was deployed during Q4FY25, taking cumulative utilization to Rs. 831.89 crore. The data center (Chennai, Rs. 350 cr), AMI projects (Rs. 200 cr), and general corporate purposes (Rs. 274.93 cr) have been fully deployed. However, only Rs. 6.96 crore has been invested so far in the NERES XVI and NERGS-I subsidiaries for TBCB power transmission projects (out of Rs. 400 crore planned), with land acquisition approvals in the North-East still pending. The remaining Rs. 393.04 crore of unutilized proceeds are parked in ultra-short duration mutual funds earning around 5.25% returns. No deviation from stated objects was reported.
Minor negative signal for shareholders due to the significant delay in deploying nearly Rs. 393 crore meant for TBCB transmission projects, with regulatory clearances still pending in the North-East. However, the rest of the QIP proceeds have been deployed on schedule and unutilized funds are earning healthy returns, limiting overall concern.