Monitoring Agency Report for the quarter ended December 31, 2025
SAATVIKGL · price
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Saatvik Green Energy filed its Monitoring Agency Report prepared by Crisil Ratings Limited for the quarter ended December 31, 2025, tracking use of IPO proceeds raised in September 2025. The IPO had gross proceeds of Rs 7,000 million (net proceeds Rs 6,575.18 million after Rs 424.82 million in issue expenses). During Q3 FY26, Rs 3,169.58 million was utilized, leaving Rs 3,830.42 million still unutilized. Proceeds were deployed toward repaying company and subsidiary (SSIPL) borrowings (Rs 1,776.15 million), partial capex for the 4 GW solar PV module manufacturing facility in Gopalpur, Odisha (Rs 1,020.31 million of Rs 4,772.27 million earmarked), issue expenses (Rs 372.12 million), and general corporate purposes (Rs 12.72 million). Unutilized funds are parked in Axis Bank fixed deposits yielding 4.50%-6.40% interest, plus small balances in monitoring and public offer accounts. Crisil confirmed no deviation from stated objects, no requirement for fresh shareholder approvals, no major deviation from prior reports, and no delay in project implementation.
No deviations or irregularities were flagged, which is a positive signal on management discipline and IPO-fund governance. However, roughly 55% of the net proceeds remain unutilized because the 4 GW solar module plant is still under construction, so shareholders should track capex execution and timeline at the Odisha project as the key value driver going forward.