Submission of Report of the Monitoring Agency for the quarter ended March 31, 2026.
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Inox Green Energy Services Ltd has submitted its quarterly monitoring agency report for the Rs. 1,050 crore preferential issue (equity shares and convertible warrants). Of this, Rs. 966.30 crore has been received so far, with Rs. 613.48 crore already utilized. The company utilized Rs. 109.64 crore for debt repayment, Rs. 447.20 crore for investment in subsidiaries (including Rs. 1.37 crore in Q4 for Tempest Wind Energy), and Rs. 56.64 crore for general corporate purposes. The remaining Rs. 352.82 crore is parked in term deposits with ICICI Bank. CARE Ratings confirmed there is no deviation from the stated objects of the issue. The lower receipt of funds is due to 76,96,206 warrants being cancelled on January 28, 2026, because holders did not exercise the conversion option, resulting in a shortfall of Rs. 83.70 crore.
Shareholders should note that warrant holders did not convert their holdings to equity, leaving about Rs. 83.70 crore unrealized from the planned raise. However, the monitoring agency confirmed proper utilization of received funds with no deviations, which is a positive compliance indicator. The significant unutilized balance earning 4.5-5.25% in bank deposits suggests slower deployment in subsidiary investments.