TECHNOE · price
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Awaiting price reaction for this filing.
Techno Electric & Engineering has submitted the CARE Ratings Monitoring Agency report for its Rs. 1,250 crore Qualified Institutional Placement (QIP) done in July 2024. Out of Rs. 1,224.93 crore earmarked for specific purposes, Rs. 831.89 crore has been utilized so far, with Rs. 393.04 crore still unutilized. The Rs. 200 crore for AMI Solutions subsidiaries and Rs. 350 crore for the Chennai data center project (via Techno Infra Developers) were fully deployed in Q4FY25. General corporate purposes of Rs. 274.93 crore are also fully utilized. No funds were deployed in Q1FY26, and there is no deviation from the stated objects. The unutilized Rs. 393.04 crore is parked in ultra-short duration and savings mutual funds, earning around 5.25% return. The pending Rs. 393 crore is for NERES XVI and NERGS-I power transmission projects, where the NERGS-1 license is yet to be received and land acquisition in the North-East is still ongoing.
Shareholders should note that the bulk of remaining unutilized QIP proceeds are tied to North-East power transmission projects facing delays due to pending approvals and land acquisition, though funds are earning reasonable returns (~5.25%) in mutual funds while awaiting deployment. No deviation from the stated use of funds has been reported.