Gandhar Oil Refinery (India) Limited has submitted its Monitoring Agency Report for the quarter and nine months ended December 31, 2025, issued by ICRA Limited. The report confirms that the utilization of the Initial Public Offer (IPO) proceeds is in line with the stated objects of the issue, with no material deviation observed. The total IPO issue size was ₹500.692 Crore, with net proceeds amounting to ₹281.184 Crore after considering offer-related expenses. The company allocated ₹22.713 Crore for investment into Texol for loan repayment, ₹27.729 Crore for capital expenditure on capacity expansion at the Silvassa plant, ₹191.172 Crore for funding working capital requirements, and ₹39.570 Crore for general corporate purposes. All objects, including investment into Texol, capital expenditure for automotive oil expansion, and funding working capital, were either on schedule or completed as per the offer document. The company has fully utilized its entire IPO proceeds as of December 31, 2025.
