Monitoring Agency Report & Statement of deviation or variation for the quarter ended on June 30, 2025
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Adani Energy Solutions submitted the Monitoring Agency Report from CARE Ratings for the quarter ended June 30, 2025, covering utilization of Rs. 8,373.10 crore raised via a Qualified Institutional Placement (QIP) of 8.57 crore equity shares in August 2024. Of this, Rs. 8,292.14 crore has been deployed, leaving Rs. 80.96 crore unutilized. A reallocation of Rs. 800 crore was made: the allocation for 'setting up transmission systems' rose from Rs. 2,060 crore to Rs. 2,860 crore, while 'smart meters' was cut from Rs. 1,800 crore to Rs. 1,000 crore, with board approval obtained. Borrowings repayment (Rs. 2,420 crore) and general corporate purposes (Rs. 2,030.60 crore) have been fully utilized, with the GCP funds notably used for the RAUA Asset acquisition from Reliance Infrastructure (Rs. 1,349.21 crore). Unutilized funds of about Rs. 141.56 crore are parked in ICICI Bank fixed deposits earning 7.25%.
Shareholders should note that while the company reports no formal deviation, it has reshuffled Rs. 800 crore from smart meters to transmission capex, signaling a strategic tilt toward core power transmission over the smart metering business. Full deployment of QIP proceeds and the inclusion of a major acquisition (RAUA) within general corporate purposes support growth plans, though progress on smart meter deployment now appears slower than originally outlined.