The Monitoring Agency Report for the quarter ended 31st December, 2025
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Inox Green Energy Services has filed the CARE Ratings Monitoring Agency Report for the quarter ended December 31, 2025, covering its Rs. 1,050 crore Preferential Issue (equity shares and convertible warrants) done in July–August 2024. As of December 31, 2025, the company had received Rs. 675 crore and utilized Rs. 612.11 crore, leaving Rs. 62.89 crore unutilized, parked in ICICI Bank term deposits and a monitoring account. The funds were deployed across debt repayment (Rs. 109.64 crore utilized), investment in subsidiaries (Rs. 445.83 crore), and general corporate purposes (Rs. 56.64 crore). Separately, 2.67 crore warrants were converted into equity at Rs. 145 per share, while 76.96 lakh warrants were cancelled with Rs. 27.89 crore in upfront payments forfeited. The Monitoring Agency reported no deviation from stated objects and no delay in implementation.
For shareholders, the report confirms proceeds are being used as planned with no deviations, which is a positive governance signal. However, the company will not receive the full Rs. 1,050 crore — Rs. 83.70 crore is short due to warrant cancellations — though management states this will not materially impact the issue's stated objects. Existing shareholders also face dilution from the conversion of 2.67 crore warrants into equity shares.