Intimation under Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Monitoring Agency Report for the quarter ended 31st March, 2026
INA · price
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Insolation Energy Limited, a solar panel manufacturer, has submitted the final Monitoring Agency Report from CARE Ratings Limited for the Rs. 395.19 crore preferential allotment completed on December 11, 2024. The issue consisted of 12,02,300 equity shares. The proceeds were fully utilized during Q4FY26 across three objectives: investment in subsidiary Insolation Green Energy Private Limited for a new manufacturing unit (Rs. 322.77 crore), general corporate purposes (Rs. 59.19 crore), and issue expenses (Rs. 13.23 crore). The Monitoring Agency flagged that the current market price of Rs. 138.85 is significantly lower than the preferential allotment price of ₹328.7 (adjusted for 1:10 stock split), representing approximately 58% decline. CARE Ratings also noted commingling of funds in current and cash credit accounts, relying on company declarations for fund utilization confirmation.
The preferential allotment has been fully deployed without delays, but the significant 58% decline in share price from the allotment price to current levels represents substantial paper loss for investors who participated in the preferential issue. This raises concerns about the pricing terms and potential dilution impact at depressed valuations.