Garuda Construction and Engineering Limited — Others, 13-02-2025: Monitoring Agency Report

Garuda Construction and Engineering Limited has provided a Monitoring Agency Report from Acuité Ratings & Research, confirming no deviations in the utilization of the proceeds from its recent IPO of INR 264.10 crore. The report indicates the firm allocated INR 159.67 crore towards its working capital and corporate purposes, with INR 52.53 crore remaining invested in fixed deposits. This consistent utilization aligns with the company's objectives stated in the offer document, reflecting strong financial governance. From an investor's viewpoint, this reinforces a positive outlook on Garuda's operational integrity and efficient capital management.