GK Energy Limited Reports No Deviation in IPO Proceeds Utilization
GK Energy Limited utilized Rs. 71.52 crore of its IPO proceeds in the quarter ending September 30, with Rs. 70.22 crore for long-term working capital and Rs. 1.30 crore for general corporate purposes. The company has Rs. 328.48 crore of unutilized funds in bank fixed deposits. CARE Ratings confirmed no deviation from stated objectives. GK Energy's financial results show consolidated revenue of Rs. 4,040.45 crore and profit of Rs. 469.12 crore for the quarter.
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GK Energy Limited, a player in the energy sector, has reported no deviation from the stated objectives in the utilization of its Initial Public Offering (IPO) proceeds for the quarter ended September 30. The company's monitoring agency, CARE Ratings, confirmed this in its latest report.
Utilization of IPO Proceeds
According to the monitoring agency report, GK Energy Limited has utilized Rs. 71.52 crore of the IPO proceeds during the quarter. The funds were primarily allocated as follows:
- Rs. 70.22 crore for long-term working capital requirements
- Rs. 1.30 crore for general corporate purposes
Current Status of IPO Funds
As of September 30, the status of the IPO proceeds is as follows:
| Particulars | Amount (in Rs. crore) |
|---|---|
| Total IPO Proceeds | 400.00 |
| Utilized Amount | 71.52 |
| Unutilized Amount | 328.48 |
The unutilized amount of Rs. 328.48 crore has been deployed in fixed deposits with various banks.
Breakdown of Fund Utilization
The company's utilization of funds for general corporate purposes includes:
- Rs. 0.50 crore for advance payments towards the purchase of office equipment
- Rs. 0.80 crore for performance incentives, distributed as white goods to contract workers
Financial Performance
In addition to the IPO proceeds utilization, GK Energy Limited has reported its financial results:
- Consolidated revenue from operations stood at Rs. 4,040.45 crore
- Profit before tax was reported at Rs. 627.13 crore
- Profit for the quarter reached Rs. 469.12 crore
While specific management comments were not provided, the company's adherence to its stated objectives in utilizing the IPO proceeds demonstrates its commitment to transparent use of investor funds.
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