Please find enclosed the statement of deviation/variation for the quarter ended 31st March, 2026.
CGPOWER · price
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CG Power raised Rs. 3,000 crores through a Qualified Institutions Placement (QIP) in July 2025. After deducting issue expenses of Rs. 26.03 crores, net proceeds stood at Rs. 2,973.97 crores. The company has confirmed there is NO deviation or variation in the utilisation of these funds for the quarter ended March 2026. As of Q3 FY26, the company has deployed Rs. 354.77 crores (about 12% of net proceeds). The largest allocation of Rs. 1,062.85 crores was for investment in subsidiary CG Semi Private Limited for an OSAT facility, of which Rs. 184.67 crores has been utilised so far. Funds for acquisitions and inorganic growth (Rs. 330 crores) remain completely undeployed.
No negative implications for shareholders as the company confirms proper utilisation of QIP proceeds as per disclosed objects. The low deployment rate (~12%) is normal for a recently concluded QIP, with majority of capital likely to be deployed in subsequent quarters.