| <p>Infomerics Valuation and Rating Limited (IVRL) has released a monitoring report assessing Glen’s utilization of funds raised through an initial public offering, primarily focused on the development of a new Rs 100.22 Crore manufacturing facility. While the company has largely adhered to the intended use of funds, the project has faced delays due to regulatory approvals and weather-related issues in West Bengal, pushing the commercial production timeline from Q4 FY2025-26 to Q3 FY2026-27, a revision disclosed to the stock exchange. As of May 31, 2025, Rs 2.49 Crore has been expended, with Rs 47.73 Crore proposed for the facility and Rs 8.86 Crore allocated for general corporate purposes. The report notes that while overall expenditure was verified, independent verification of funds allocated to specific heads was not possible, relying instead on management certifications and auditor reports, and cautions that further regulatory delays and weather dependency could impact the project's viability.</p> |