Statement on Deviation or Variation of Funds for the quarter ended on 31st March 2026
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GRE Renew Enertech Ltd, which raised ₹3,956.40 Lakhs through its IPO on 20 January 2026, has filed a compliance statement under SEBI Regulation 32. The filing reports a minor positive deviation of ₹33.23 Lakhs due to actual issue expenses (₹400.36 Lakhs) being lower than the estimated amount (₹433.59 Lakhs). This saving will be reallocated to fund the 7.20 MW AC / 9.99 MW DC Ground Mounted Solar Power Plant project. As of 31 March 2026, the company has utilized ₹2,386.38 Lakhs (60.3%) of IPO proceeds, with ₹1,570.02 Lakhs remaining unutilized. The Solar Power Plant project is 59.26% utilized, General Corporate Purposes is 31.38% utilized, and Issue Expenses are fully accounted for.
This is a routine compliance filing with no negative implications for shareholders. The minor reallocation of savings from lower issue expenses to the solar project indicates disciplined capital deployment. The company remains on track with its IPO objectives, and the unutilized funds will support the solar power plant project expected to be completed by Q2 of 2026-27.