GPGMR Power and Urban Infra543490Routine SEBI update

CARE report: Nil deviation from issue objects, entire Rs. 900.00 crore received till Sept 30, 2026 utilised

CARE Ratings has shared its Monitoring Agency Report for the quarter ended September 30, 2026 on the Rs. 1200.00 crore preferential issue of equity shares and convertible warrants.

By ScoutQuest · Fri 30 Oct 2026, 8:39 PM IST · 2 min read

Preferential issue size

Rs. 1200.00 crore

Proceeds received / utilised as on Sept 30, 2026

Rs. 900.00 crore received; entire proceeds received till that date utilised; deviation from objects: Nil

Convertible warrant issue price

Rs. 120.88 per warrant

What this update is

CARE Ratings Limited, acting as the monitoring agency, has submitted its report for the quarter ended September 30, 2026 on how the company has used money raised through a preferential issue of equity shares and convertible warrants. The company has placed this report on record with the stock exchanges after review by its Audit Committee and Board of Directors.

The money involved

• The preferential issue size is Rs. 1200.00 crore.
• Out of this, the company had received Rs. 900.00 crore as on September 30, 2026.
• The issue period is shown as 01/27/2026 to 01/27/2026.
• The securities issued are equity shares and convertible warrants. The promoters named in the report are GMR Enterprises Private Limited and Mr. G. M. Rao, and the sector is power generation.

What the monitoring agency says

• Deviation from the objects of the issue: Nil. The range of deviation is not applicable.
• Utilisation is as per the disclosures in the offer document, and the entire proceeds from the preferential issue received till September 30, 2026 has been utilised.
• The means of finance for the disclosed objects has not changed.
• No major deviation has been observed over the earlier monitoring agency reports.
• Government/statutory approvals and technical assistance or collaboration arrangements are marked not applicable, and there are no favourable or unfavourable events affecting the viability of the objects.
• Under other relevant information, the report states that the convertible warrants were issued at Rs. 120.88 per warrant, which is higher than the prevailing market price of the company's equity shares.

On the warrant pricing point

Simply put, those subscribing to the convertible warrants agreed to a price of Rs. 120.88 per warrant, above the then prevailing market price of the equity shares. This is a pricing fact recorded by the monitoring agency, not a change in the use of the money.

An assurance point to note

The monitoring agency's comments rest on a CA certificate from PKF Sridhar & Santhanam LLP dated October 06, 2026. That certificate states it gives limited assurance, which it describes as substantially lower than the assurance from a reasonable assurance engagement. The monitoring agency also states that it does not perform an audit and does not independently verify the information it receives.

How a retail investor can read this

A monitoring agency report is a periodic check on whether money raised in an issue is going where the company said it would. This one records nil deviation from the objects and full utilisation of the amount received till September 30, 2026, against an issue size of Rs. 1200.00 crore. It is a status update on use of proceeds and does not, by itself, alter the company's business, shareholding or finances.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.

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