Please find enclosed the Report of Monitoring Agency on the use of proceeds raised through Qualified Institutional Placement ( QIP ) for the quarter ended March 31, 2026
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Hitachi Energy India raised Rs 2,520.82 crore through a QIP in March 2025, with net proceeds of Rs 2,476.29 crore after fees. Crisil Ratings Limited, as Monitoring Agency, reports that funds are being deployed as disclosed in the offer document with no material deviations. As of March 31, 2026, Rs 469.66 crore (31%) of the Rs 1,513.28 crore capital expenditure allocation has been utilized, primarily for capacity expansion, equipment and civil works. Rs 350 crore for working capital and Rs 613 crore for general corporate purposes remain fully unutilized. The capital expenditure program is delayed due to adverse weather conditions and revised project scope. Unutilized proceeds of Rs 2,006.63 crore are invested in short-term and term deposits with HDFC Bank, SBI, Sumitomo Mitsui Banking Corporation, HSBC and Standard Chartered Bank, earning Rs 12.70 crore in interest.
The QIP proceeds are being deployed on schedule with no deviations reported. The delay in capital expenditure utilization reflects project execution realities rather than fund misuse. The substantial unutilized balance in liquid instruments provides financial flexibility for future capex and working capital needs.