Monitoring Agency Report for the quarter ended 31st March, 2025
PREMIERENE · price
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Premier Energies has filed the CRISIL Monitoring Agency Report for Q4 FY25, covering utilization of its August 2024 IPO proceeds. The IPO raised Rs 28,304 million in total, with net fresh issue proceeds of Rs 12,388.89 million earmarked for a 4 GW Solar PV TOPCon cell and module facility (Rs 9,686.03 million) and general corporate purposes (Rs 2,702.86 million). As of March 31, 2025, only Rs 503.37 million (about 4%) has been deployed — Rs 27.78 million toward the manufacturing facility and Rs 475.59 million for general corporate purposes — well short of the Rs 7,545.88 million originally planned to be used by end of FY25. The project location has been shifted from Ranga Reddy District, Telangana to Tirupati District, Andhra Pradesh via a special resolution dated April 6, 2025, with remaining proceeds now expected to be utilized by Fiscal 2027. About Rs 11,998 million of unutilized funds are parked in fixed deposits across multiple banks earning 3–7.9% interest. Several government approvals, including fire, PESO, and electrical installation clearances, are still pending.
Very low IPO fund utilization (~4%) against the FY25 target and a project location change highlight execution delays, which may concern investors monitoring capex progress. However, unutilized funds are conservatively parked in fixed deposits, and the company maintains the commercial operation date remains unchanged, limiting near-term downside.