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 June 30, 2025.
WAAREEENER · price
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Waaree Energies had raised Rs. 3,600 crore through its IPO in October 2024 to fund a 6GW Ingot Wafer, Solar Cell and Solar PV Module manufacturing facility (Rs. 2,775 crore), general corporate purposes (Rs. 697.70 crore), and issue expenses (Rs. 127.30 crore). As of June 30, 2025, only Rs. 764.72 crore has been utilized, leaving Rs. 2,835.28 crore unutilized and parked in term deposits with SBI, Bank of Baroda, HDFC Bank and Axis Bank earning 6.50%-7.93% interest. The Board has approved a change in project location from Odisha to Gujarat (solar cell and module) and Maharashtra (ingot wafer), pending shareholder approval via postal ballot effective August 2, 2025. There has been a delay in utilizing Rs. 275 crore which was supposed to be deployed by March 31, 2025, and project timelines have been pushed back, with the 6GW Solar Cell line now expected by September 2027 instead of April 2026.
Shareholders should note significant delays in deploying IPO funds for the core manufacturing project, though the total project cost remains unchanged. The relocation and extended timelines may delay revenue generation from the new facility, while the idle funds earn modest interest income in the interim.