Power Mech Projects Limited — Important, 11-11-2024: Updates

Power Mech Projects Limited confirmed there are no deviations in the utilization of proceeds from its Qualified Institutions Placement (QIP). The QIP raised ₹343.40 Crores, and the Audit Committee reviewed and approved this statement, affirming adherence to the intended use of funds as outlined in the Placement Document. Key allocations included ₹240 Crores for capital expenditure on a washery and coal handling plant for the Tasra opencast project, along with ₹20 Crores for loan repayments and ₹83.40 Crores for general corporate purposes, all of which were utilized as planned without any deviations noted. This reinforces the company's commitment to financial discipline and transparency, offering a positive outlook for stakeholders.