Pursuant to Regulation 32 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI Listing Regulations ), read with Regulation 41 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, we hereby submit the Monitoring Agency Report issued by CARE Ratings Limited, for the quarter ended June 30, 2025, in respect of utilization of gross proceeds of the IPO of the Company.
ATHERENERG · price
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Ather Energy submitted its first Monitoring Agency Report (issued by CARE Ratings) for the quarter ended June 30, 2025, covering how the company has used its Rs. 2,626 crore IPO proceeds raised in late April 2025. During the quarter, Ather utilized Rs. 370.40 crore, primarily Rs. 287.90 crore for general corporate purposes (raw materials, employee costs, operating expenses), Rs. 46.20 crore for R&D, Rs. 28.60 crore for loan repayments, and Rs. 7.70 crore for marketing. The remaining Rs. 2,255.60 crore is parked in fixed deposits with Axis Bank, Kotak Mahindra Bank, and HSBC. No money was spent on the planned Rs. 927.20 crore E2W factory in Maharashtra, as construction was delayed pending Environmental Clearance, though management expects to meet the July 2026 and March 2027 completion targets.
This is a routine regulatory disclosure with no negative findings, as the monitoring agency confirmed no deviation from the disclosed use of funds. The main point of interest for shareholders is the delay in the Maharashtra E2W factory capex due to pending environmental approvals, which investors should track for any further slippage in timelines.