Monitoring Agency Report for the quarter ended March 31, 2026
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Crisil Ratings Limited, the Monitoring Agency, has submitted its Q4 FY2026 report on utilization of IPO proceeds. The company raised Rs 7,000 million (net proceeds Rs 6,575.18 million) via IPO in September 2025. As of March 31, 2026, Rs 3,931.97 million (59.8%) has been utilized out of Rs 6,575.18 million, leaving Rs 3,068.03 million unutilized. No funds were deployed during this quarter (Q4). Rs 1,782.70 million has been deployed towards the 4 GW solar PV module manufacturing facility in Odisha (civil work and utilities), with Rs 2,989.57 million remaining for this project. The company had planned to deploy Rs 4,433.59 million by FY2026 but achieved only Rs 1,895.49 million, indicating a delay. All unutilized proceeds are parked in fixed deposits and bank accounts. No deviations from stated objects were observed.
The IPO proceeds are being deployed slower than originally planned; all objects remain on track but timelines have shifted to March 2027. No red flags were raised by the Monitoring Agency — funds are securely deployed in FDs with no material deviations from the offer document.