Gandhar Oil Refinery (India) Limited — Others, 09-05-2025: Monitoring Agency Report

Gandhar Oil Refinery (India) Ltd has announced a Monitoring Agency Report from ICRA Limited confirming that ₹264.45 Cr of its ₹278.54 Cr IPO proceeds have been utilized as planned. Funds have primarily supported loan repayment for its subsidiary Texol, expanded automotive oil capacity at the Silvassa plant, working capital, and corporate expenses. The remaining unutilized amount is held mostly in fixed deposits earning 7.5%. The company is on track with its deployment, with no adverse impacts reported on the objectives financed, indicating disciplined use of IPO funds.