Monitoring Agency Report for the quarter ended June 30, 2025 as per Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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CRISIL Ratings has filed the Monitoring Agency Report for Orient Green Power's Rs 250 crore Rights Issue (August-September 2024), confirming no deviation from stated objects. Of the Rs 247.09 crore net proceeds, about Rs 103.74 crore has been utilized: loan repayments of Rs 1,364 lakh to subsidiaries, fresh loans of Rs 6,035 lakh to subsidiaries for SVL loan repayment, Rs 469 lakh for Beta Wind Farm security deposits, Rs 2,489.90 lakh for general corporate purposes, and Rs 291.10 lakh for issue expenses are all fully utilized. However, only Rs 13.99 lakh of the Rs 143.50 crore earmarked for a 25 MW solar power project in Tamil Nadu (via subsidiary Delta Renewable Energy) has been deployed, as the company changed EPC contractors from Solon India to Remon Solutions and revised project locations. The unutilized Rs 143.36 crore sits in fixed deposits with ICICI Bank, AU Small Finance Bank, and IDFC First Bank, earning 5.75%-8.10% interest.
The biggest red flag is the near-zero utilization (Rs 13.99 lakh out of Rs 143.50 crore) of the largest allocation - the solar power project - despite the issue closing nearly 10 months ago. Management has changed EPC contractors and project scope, which signals execution delays and project uncertainty. On the positive side, unutilized funds are earning healthy FD returns and no deviation from objects has been flagged. Shareholders may want clearer timelines for the solar project's revised implementation.