Insolation Energy Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
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Insolation Energy Limited has filed a nil deviation report for the quarter ending 31st March 2026, confirming that Rs. 395.19 crore raised through a Preferential Issue (allotted on 11th December 2024) has been utilised exactly as per the stated objects. The original offer was Rs. 402 crore but was undersubscribed by Rs. 6.81 crore due to non-participation by some proposed allottees. Funds were deployed for investment in subsidiary Insolation Green Energy Private Limited to set up a manufacturing unit in Jaipur, Rajasthan (Rs. 322.77 crore) and general corporate purposes (Rs. 72.42 crore). CARE Ratings Limited acted as the monitoring agency. Both the Audit Committee and Board reviewed and approved the utilization report on 25th May 2026.
Positive signal for shareholders - the company has demonstrated full compliance with fund utilisation norms and no misuse of IPO/preferential issue proceeds. The undersubscription of the offer does not impact operations as funds have been properly deployed.