Please find enclosed the Report of Monitoring Agency on the use of proceeds raised through Qualified Institutional Placement ( QIP ) for the quarter ended June 30, 2025
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Hitachi Energy India has submitted the Crisil Ratings monitoring report on how it has used the money raised through its Qualified Institutional Placement (QIP) in March 2025. The QIP raised gross proceeds of Rs 2,520.82 crore (net Rs 2,476.29 crore) through 21.9 lakh equity shares priced at Rs 11,507 each. The funds were earmarked for three purposes: capital expenditure on business units (Rs 1,513.28 crore), working capital (Rs 350 crore), and general corporate purposes (Rs 613.01 crore). During the April–June 2025 quarter, only Rs 24.58 crore was deployed — entirely towards capex for capacity expansion, equipment addition and civil works. The remaining Rs 2,451.71 crore is parked in fixed deposits with HSBC, SBI, Deutsche Bank, ICICI Bank, HDFC Bank and Bank of America, earning 5.07%–5.85% interest. Crisil confirmed no deviation from stated objects and no delays in implementation.
This is a routine regulatory compliance filing with no negative surprises — funds are being used as promised and the unutilized portion is safely parked in bank FDs. For shareholders, the slow deployment pace (less than 1% of net proceeds spent in Q1 FY26) means the bulk of capex benefits are still ahead and may weigh on near-term return on the raised capital, but there is no governance concern.