Postal ballot to reallocate IPO funds to 1.2 GW solar cell plant
OSWALPUMPS · price
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Oswal Pumps seeks shareholder approval via postal ballot to vary IPO use of proceeds. About INR 1,598.50 million from unutilized IPO funds is proposed for a 1.2 GW solar cell plant by subsidiary Oswal Solar in Karnal, replacing planned aluminium frame, part of EVA, and part of solar module facilities. Total plant cost is INR 4,558.50 million, with INR 2,960 million via term loan. Capital expenditure deployment timeline extended to FY 2027. Voting runs Oct 13 to Nov 11, 2026.
Redirects IPO funds toward higher value-add cell manufacturing; may lift long-term margins but shifts from original objects. Shareholder vote due by Nov 11.