Power Mech Projects Limited has submitted its Monitoring Agency Report for the quarter ended December 31, 2025, detailing the utilization of proceeds from its Qualified Institutional Placement (QIP). The report, issued by CARE Ratings Limited, confirms that the utilization of funds is in line with the offer document, with no material deviations. The company had raised ₹350 crore through the QIP. As of December 31, 2025, a total of ₹200.48 crore remained unutilized. Of this, ₹142.92 crore is outstanding in fixed deposits and monitoring accounts, while ₹57.56 crore was utilized during the quarter. The primary object of the QIP was to fund capital expenditure for the installation and operation of a washery and coal handling plant for the Tasra opencast project. While ₹97.08 crore has been utilized towards this object as of the quarter's end, there has been a delay in receiving necessary approvals for the coal washery installation. The company expects to complete this by FY26, with ₹75.14 crore spent till December 31, 2025. The repayment of a loan from Bank of Bahrain and Kuwait B.S.C. (₹20 crore) and General Corporate Purposes (₹83.40 crore) have been fully utilized within the stipulated timelines. The unutilized proceeds of ₹177.18 crore are primarily invested in fixed deposits with RBL, earning an average return of approximately 7.00%. The report also notes that the company has received all required approvals for the coal washery installation, albeit with a delay.
