Fujiyama Power Systems Limited has submitted to the exchange the Monitoring Agency Report on utilisation of proceeds raised through issuance of equity shares by way of Public Issue for the quarter ended March 31, 2026
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CARE Ratings Limited, as Monitoring Agency, has submitted its report on the Rs. 600 crore IPO of Fujiyama Power Systems Limited. The IPO opened in November 2025. As of March 31, 2026 (Q4FY26), Rs. 533.37 crore (88.9%) has been utilized out of Rs. 600 crore. The Ratlam manufacturing facility has received Rs. 124.52 crore (vs. Rs. 180 crore proposed), with Rs. 48.80 crore spent in Q4FY26 on vendor payments for plant and machinery. All borrowings (Rs. 275 crore) have been fully repaid. Rs. 111.99 crore of Rs. 112.32 crore general corporate purpose funds utilized. Issue expenses at Rs. 21.86 crore of Rs. 32.68 crore. Unutilized Rs. 66.63 crore is parked in Yes Bank fixed deposits (Rs. 55 crore), monitoring account (Rs. 0.81 crore), and public offering account (Rs. 10.82 crore). The Ratlam facility completion has been delayed from March 31, 2026 to June 30, 2026 — the only deviation noted, approved by the IPO committee on March 20, 2026.
The monitoring agency confirms no material deviation in fund utilization and all proceeds are being used as per the offer document. The 3-month delay in the Ratlam manufacturing facility is the only notable change. Unutilized funds are safely parked in bank FDs earning 6.75-7% returns, which is standard practice.