Power Mech Projects Limited — Others, 11-11-2024: Utilisation of Funds

Power Mech Projects Limited has confirmed that there is no deviation in the utilization of proceeds from its recent Qualified Institutions Placement (QIP), which raised ₹343.40 Crores. The funds are being used as originally intended for capital expenditures associated with the installation and operation of a washery and coal handling plant, loan repayment to Bank of Bahrain and Kuwait, and general corporate purposes. The audit committee has reviewed and approved this confirmation, indicating that the company adheres to its stated objectives without any changes.