Monitoring Agency Report in respect of the utilization of proceeds of Initial public offer, for the quarter ended December 31, 2025
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CRISIL Ratings, the Monitoring Agency, has submitted its quarterly report on Premier Energies' use of IPO proceeds raised in August 2024 (gross Rs 12,914 million, net Rs 12,388.89 million). As of December 31, 2025, the company has utilized about Rs 12,337.56 million (roughly 96% of gross proceeds), including Rs 9,175.12 million for the 4 GW TOPCon solar cell and module facility in its subsidiary PEGEPL, Rs 2,661.88 million for general corporate purposes, and Rs 500.56 million for issue expenses. About Rs 576.44 million remains unutilized, parked in fixed deposits and bank accounts across Axis, ICICI, and Yes Bank. The report notes a previously approved location change for the 4 GW cell project from Ranga Reddy (Telangana) to Tirupati (Andhra Pradesh), approved by shareholders on April 6, 2025. A few regulatory approvals (PESO, power demand enhancement, hazardous substance license) are still pending, but no delay in project implementation has been flagged.
The high utilization rate signals steady progress on the solar manufacturing capacity buildout, while the remaining unutilized funds are safely parked in interest-bearing deposits. Shareholders should note the approved project location shift and the small set of pending statutory approvals, though no implementation delay is reported.