Pursuant to Regulation 32 of SEBI LODR Regulation 2015, Regulation 41 of SEBI ICDR Regulation 2018, Please find the Monitoring Agency Report in respect to utilization of proceeds of the ....
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Solarium Green Energy Limited (BSE: 544354) submitted its IPO Monitoring Agency Report from Acuité Ratings & Research for the half-year ended March 31, 2025. The company raised gross proceeds of INR 105.04 Crores through its IPO in February 2025, with net proceeds of INR 96.26 Crores after issue expenses of INR 8.78 Crores. Out of the planned INR 71 Crores for working capital, only INR 5 Crores has been utilized so far, while INR 24.85 Crores out of the INR 25.26 Crores earmarked for general corporate purposes has been deployed. The unutilized INR 66.41 Crores has been parked in HDFC Bank fixed deposits earning 7.40% interest (maturing February 2026), with INR 0.43 Crores sitting in the public issue account. The Monitoring Agency confirmed no deviation from the stated objects and no material change in means of finance.
For shareholders, this is a routine compliance update showing the company is using IPO funds as promised, with most unutilized cash safely parked in bank fixed deposits generating interest. The slow working capital deployment (only 7% used so far) is normal for a recently listed company and not a red flag.