Monitoring Agency Report for the quarter ended March 31, 2026 as per Regulation32(6) of the Securities and Exchange Board of India (Listing Obligations and DisclosureRequirements) Regulations, 2015
GREENPOWER · price
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CRISIL Ratings Limited has submitted the monitoring agency report for Orient Green Power Company's Rs 250 crore Rights Issue (August-September 2024). Of the Rs 24,708.90 lakh net proceeds, Rs 17,864.55 lakh (72.3%) has been utilized as of March 31, 2026, with Rs 7,135.45 lakh remaining in bank accounts and fixed deposits. The major deployment of Rs 7,214.55 lakh went to subsidiary Delta Renewable Energy Private Limited for a solar power project, where the original 25 MW AC target has been revised to 24.60 MW AC across multiple locations and contractors. Key changes include switching the EPC contractor from Solon India to Remon Solutions Private Limited due to site unavailability, and Delta ceasing to be a wholly-owned subsidiary after shareholding restructuring. No deviations from the Letter of Offer have been declared.
The report confirms compliant utilization of rights issue proceeds with no material deviations. The project restructuring (multiple locations, revised capacity) and subsidiary ownership change appear to be within disclosed flexibility provisions. The unutilized Rs 71.35 crore is parked in fixed deposits earning 3.5-6.6% returns.