Monitoring Agency Report on the utilisation of proceeds raised through issuance of Equity shares by way of Public Issue of the Company for the Quarter ended March 31, 2025.
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Awaiting price reaction for this filing.
Waaree Energies has filed the Monitoring Agency Report (by CARE Ratings) for its Rs. 3,600 crore IPO, whose main object is part-financing a 6GW solar manufacturing facility in Odisha through subsidiary Sangam Solar One (Rs. 2,775 crore), with Rs. 697.70 crore earmarked for general corporate purposes and Rs. 127.30 crore for issue expenses. By March 31, 2025, only Rs. 739.66 crore had been utilized in total, leaving Rs. 2,860.34 crore unutilized and parked in term deposits with SBI and Bank of Baroda earning around 7.15%–7.93% interest. The full Rs. 2,775 crore for the Odisha project is yet to be deployed — a delay of about 1 month versus the original schedule, which required Rs. 275 crore to be used by March 31, 2025, with management citing ongoing vendor negotiations. The Rs. 697.70 crore for general corporate purposes has been fully used (raw materials, taxes, customs duty, freight, etc.), while Rs. 41.96 crore of issue expenses have been spent so far with the rest pending. No deviation from stated objects was observed, though some government approvals related to the project are still pending.
The report is largely procedural and confirms no misuse of IPO funds, but the substantial delay in deploying Rs. 2,775 crore for the Odisha facility — the core growth driver of the IPO — is a mild negative, raising questions on execution timelines. Shareholders should watch for updates on vendor finalization and the company's ability to deploy funds in FY26, as prolonged delays could push back capacity addition and revenue from the 6GW project.