📌 At a glance
Ganesh Green Bharat Ltd (NSE SME: GGBL) has filed a no-deviation certificate under Regulation 32 of SEBI LODR for the half year ended March 31, 2025. Out of ₹125.23 crore raised in its July 2024 IPO, the company claims ₹121.30 crore has already been utilized — and the remaining will be used “on or before March 31, 2026.”
Translation: “Bhai, paisa safe hai… aur thoda bacha hai.”
🏢 Company Background
- Current Name: Ganesh Green Bharat Ltd
- Old Avatar: Ganesh Electricals Pvt Ltd
- Industry: Electricals, Renewable Infra
- Listing Platform: NSE Emerge (SME)
- CIN: L31900GJ2019PLC108417
- Registered Office: Gota, Ahmedabad
- Factory: Mehsana, Gujarat
- IPO Date: July 12, 2024
- Total Funds Raised: ₹125.23 crore
🧑💼 Who’s Running the Show?
- Managing Director: Ketanbhai Narsinhbhai Patel (DIN: 07499411)
- Monitoring Agency: Care Ratings Limited (Yes, SEBI now outsources trust issues too.)
- Audit Committee: Happy with utilization pace
- Auditors: Said “No Comments” (which is better than “Oh No!”)
💸 IPO Fund Utilization — Status as of March 31, 2025
| Particulars | Amount (₹ Cr) | Used (₹ Cr) | Deviation |
|---|---|---|---|
| Total Funds Raised | 125.23 | 121.30 | ❌ None |
| Public Issue Expenses | 7.81 | 7.32 | ❌ None |
| Balance to be used | 3.93 | — | To be used by FY26 |
| Comments by Monitoring Agency | ✅ No deviation | ✅ Confirmed | ✅ Audited |
Net Result: ₹121 Cr put to work. ₹3.9 Cr waiting in the wings — presumably stretching before its final lap.
🧠 EduInvesting Take
There are two kinds of SME companies in India:
- Those that burn IPO money faster than a Diwali rocket 🚀
- And those that file no-deviation certificates with their chin up 😇
Ganesh Green Bharat falls in the second camp — at least for now.
✅ Clean disclosures
✅ Monitoring agency oversight
✅ Funds mostly deployed
🧠 Future clarity? A bit foggy.
Let’s just hope “March 2026 tak kar lenge” doesn’t turn into “bhool gaye bhai”.
⚠️ Risks to Watch
- 🧾 Remaining ₹3.93 Cr needs timely deployment — else SEBI’s radar goes brrr
- 💸 No breakdown of exact usage verticals — we only have macro numbers
- 🕰️ Deadline extension risk if funds idle too long
- 🤐 No business update alongside fund use — a missed opportunity for investor confidence
📉 Market Mood
- Stock Price: ₹437
- Change Today: -2.00%
- Reaction: Mild indifference. Market was expecting this “no deviation” form — no shockers here.
🧾 Summary Table
| Metric | Value |
|---|---|
| IPO Raised Amount | ₹125.23 Cr |
| Total Utilized (as of Mar’25) | ₹121.30 Cr |
| Deviation Reported | No |
| Balance Left | ₹3.93 Cr |
| Deadline for Remaining Funds | 31st Mar 2026 |
🎯 Final Word
Ganesh Green Bharat may not be flashy, but it’s disciplined with investor money — and in today’s SME circus, that’s worth celebrating.
📌 Still, investors would love to know: What’s the ₹3.93 Cr going towards? Solar? EV infra? A surprise bonus for the CFO who didn’t “accidentally misplace” it?
We’ll be watching.
Author: Prashant Marathe
Date: 29 May 2025
Tags: Ganesh Green Bharat, IPO Funds Utilization, NSE SME, GGBL, SEBI Regulation 32, Fund Deviation Report, Care Ratings, Prashant Marathe, EduInvesting
