Power Mech Projects Limited — Others, 16-02-2025: Monitoring Agency Report

Power Mech Projects Limited has issued a Monitoring Agency Report for the quarter ended December 31, 2024, regarding the utilization of proceeds from its ₹350 crore Qualified Institutions Placement (QIP). The net proceeds of ₹343 crore have been allocated primarily, with ₹103.40 crore earmarked for debt repayment and general corporate purposes. The company is on track, having used ₹8.02 crore for installment payments related to the coal washery project, while the remaining ₹231.98 crore is unutilized, currently in fixed deposits. This proactive management of funds may foster a positive outlook among investors, reflecting prudent financial governance despite delays in project execution timelines.