Gujarat Industries Power Company Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
GIPCL · price
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Gujarat Industries Power Company Limited (GIPCL) has filed a quarterly compliance statement confirming that there has been no deviation or variation in the use of proceeds from its preferential equity issue. The company had raised Rs. 89,99,99,612 (approximately Rs. 90 crore) in March 2025, earmarked entirely for setting up a 75 MW Solar Power Plant on mining-reclaimed land at the Surat Lignite Power Plant. As of 30th June 2025, GIPCL has utilized Rs. 55,67,57,824 (around Rs. 55.68 crore, or about 62% of the funds) towards this project. The unutilized balance of Rs. 34,32,41,788 is parked safely — Rs. 33.50 crore in short-term fixed deposits and Rs. 82.41 lakh in a separate bank account. The statement was reviewed by the Audit Committee on 12th August 2025 and certified by chartered accountants C N K & Associates LLP.
This is a reassuring disclosure for shareholders — the preferential issue proceeds are being used strictly as originally promised, with no diversion. Disciplined deployment of capital toward the solar project keeps the capex plan on track and signals good governance.