Monitoring Agency Report for the Quarter ended as on 30th June, 2025-in relation to utilization of funds raised through Initial Public Issue of Solarium Green Energy Limited
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Solarium Green Energy has submitted the Monitoring Agency Report from Acuité Ratings for the quarter ended June 30, 2025, tracking use of its IPO proceeds raised in February 2025. The IPO brought in gross proceeds of INR 105.04 crore, with net proceeds of INR 96.26 crore earmarked for working capital (INR 71 crore) and general corporate purposes (INR 25.26 crore). As of Q1 FY26, the company has used INR 40.26 crore in total — fully deploying the INR 25.26 crore for general corporate purposes, while INR 15 crore has gone toward working capital needs, leaving INR 56 crore unutilized. The unutilized INR 56 crore is parked in four fixed deposits with HDFC Bank at 7.40% interest, maturing in February 2026, having earned INR 1.54 crore so far. The monitoring agency confirmed no deviation from stated objects, no delays, and no material adverse events.
Good governance signal: the company is following its stated IPO use-of-proceeds plan without deviation, and idle IPO funds are earning a healthy 7.4% return in safe bank FDs rather than being misused. However, only about 21% of the working capital allocation has been deployed in the first quarter, so investors should watch the pace of working capital utilization in coming quarters to ensure the funds are put to productive use as planned.