POWERMECH · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CARE Ratings, the monitoring agency for Power Mech Projects' Rs. 350 crore QIP (October 2023), has submitted its report for Q4 FY26. The company has utilized Rs. 286.66 crore of the Rs. 343.40 crore raised (excluding issue expenses), with Rs. 56.74 crore remaining unutilized. The main project - installation of coal washery for the Tasra opencast project - has faced delays due to receipt of government approvals being delayed. Rs. 183.26 crore has been spent on this Rs. 240 crore allocation so far. The loan repayment (Rs. 20 crore to Bank of Bahrain and Kuwait) and general corporate purposes (Rs. 83.40 crore) have been fully utilized. All necessary approvals have now been received, and the remaining funds are expected to be deployed by Q2 FY27. No material deviations from the offer document were observed.
The delay in the Tasra coal washery project is a minor concern but has been resolved with approvals now in place. The unutilized Rs. 56.74 crore is parked in fixed deposits earning 6.85-7% returns, indicating prudent temporary deployment while awaiting project completion.