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Insolation Energy submitted the quarterly Monitoring Agency Report from CARE Ratings covering use of proceeds from its December 2024 preferential allotment of equity shares worth Rs. 395.19 crore (down from Rs. 402 crore envisaged due to non-subscription by a few proposed allottees). A total of 12,02,300 shares were issued at Rs. 3,287 each, which post the 1:10 stock split (Jan 2025) equates to Rs. 127 per share. As of December 31, 2025, Rs. 310.26 crore has been utilized and Rs. 84.93 crore remains unutilized, parked in fixed deposits (Rs. 74.25 crore at 7.7–8% interest) and a subsidiary current account (Rs. 10.68 crore). The main deployment is in wholly owned subsidiary Insolation Green Energy (IGEPL) for a new solar panel unit in Jaipur — Rs. 294.32 crore of the Rs. 320 crore target has been spent on machinery and construction. CARE confirmed no deviation from stated objects and no major deviation versus earlier reports; all statutory approvals are in place.
Reassuring for shareholders — funds are being used as promised with no misuse or deviation, but the slow Q3FY26 deployment (only Rs. 50.23 crore used in the quarter) and a large Rs. 56.48 crore untouched under General Corporate Purpose may draw mild investor queries on deployment speed.