Marine Electricals (India) Limited — Others, 14-05-2025: Monitoring Agency Report

Marine Electricals (India) Limited has announced a Monitoring Agency report by ICRA Limited on its preferential issue proceeds, revised to INR 149.22 Cr from INR 213.76 Cr due to under-subscription. As of the latest quarter, INR 115.58 Cr net proceeds were available after expenses. Utilization included INR 3.61 Cr for long-term working capital, INR 11.99 Cr for secured loan repayment, and INR 19.98 Cr for general corporate purposes. About INR 80 Cr remains in fixed deposits earning 7.85-8.02%. Project timelines are on track, showing disciplined use of funds aligned with company goals.