Pursuant to Regulation 32(6) of the Securities and Exchange Board of India ("SEBI") (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") read with ....
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Insolation Energy Ltd has filed its final Monitoring Agency Report for the Rs. 395.19 crore preferential allotment of equity shares (December 2024). CARE Ratings Limited, the monitoring agency, confirmed that all proceeds have been fully utilized by March 31, 2026 with no major deviations from disclosed objects. The funds were deployed as follows: Rs. 322.77 crore invested in wholly owned subsidiary Insolation Green Energy Private Limited (IGEPL) for setting up a solar manufacturing unit in Rajasthan, Rs. 59.19 crore for general corporate purposes, and Rs. 13.23 crore for issue expenses. The monitoring agency noted that surplus issue expense funds of Rs. 2.77 crore were reallocated to the subsidiary investment without board resolution approval, and there was some fund comingling between accounts. Importantly, the current market price of Rs. 138.85 is significantly below the preferential allotment price of Rs. 328.7 (post 1:10 stock split adjustment), indicating existing investors are at a loss.
All preferential issue proceeds have been fully deployed as intended, completing the fundraising cycle. However, the significant gap between the allotment price (Rs. 328.7) and current market price (Rs. 138.85) means existing shareholders who participated in the preferential issue are sitting on substantial losses, which could weigh on sentiment.