Monitoring Agency Report for the quarter ended March 31, 2025 as per Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
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CRISIL Ratings Limited has submitted its Monitoring Agency Report for the quarter ended March 31, 2025, tracking the use of Rs. 250 crore raised via a Rights Issue in August-September 2024 (net proceeds Rs. 247.09 crore). Out of six planned objects, five are fully utilized — loan repayments to subsidiaries GGPPL and CWFPL (Rs. 74 crore), security deposit for Beta Wind Farm (Rs. 4.69 crore), general corporate purposes (Rs. 24.90 crore), and issue expenses (Rs. 2.91 crore). The biggest object — Rs. 143.50 crore earmarked for a 25 MW AC solar power project in Tamil Nadu through subsidiary Delta Renewable Energy — has barely started, with only Rs. 2.76 lakh deployed so far. The project also saw changes: EPC contractor shifted from Solon India to Natrinai Ventures and the site moved from Vellore/Ranipet to Theni. The remaining Rs. 143.47 crore is parked in fixed deposits with ICICI Bank, AU Small Finance Bank, and IDFC First Bank, earning between 5.75% and 8.10% interest. The Monitoring Agency confirmed no deviation from stated objects.
Shareholders should note that nearly 58% of the Rights Issue proceeds (over Rs. 143 crore) remain unutilized and are earning interest in bank FDs, while the flagship solar power project — the primary growth object — has barely taken off. The monitoring agency found no negative issues, and the prospectus allows deployment through FY2025-26, but delays in the solar project could be a watchpoint for investors expecting timely capex execution.