Waaree Energies Limited has submitted its Monitoring Agency Report for the quarter ended June 30, 2026. The report, issued by CARE Ratings Limited, details the utilization of proceeds raised through its recent public issue of equity shares. The company has confirmed that the utilization is in line with the objects disclosed in the offer document, with funds partially utilized and the unutilized amount parked as term deposits and in subsidiary accounts for project capex.
Monitoring Agency Report Submitted
Waaree Energies Limited has officially submitted its Monitoring Agency Report for the quarter ending June 30, 2026. This report, prepared by CARE Ratings Limited, provides an overview of how the proceeds from the company’s initial public offering (IPO) have been utilized. The submission is in accordance with SEBI regulations, ensuring transparency for investors.
Utilization of IPO Proceeds
As per the report, the proceeds from the IPO have been partially utilized for the stated objects. The unutilized amount has been strategically placed as term deposits with scheduled commercial banks and maintained in a monitoring account and the company’s subsidiary account where project capital expenditure is being undertaken. The company has an approved policy for investing funds in term deposits, valid for three years.
Project Timelines and Investment Policy
The report indicates that the company had planned to deploy funds up to Rs. 275.00 crore by March 31, 2025, and Rs. 2000.00 crore by March 31, 2026. While there has been a change in project location and a postponement of completion timelines, the total cost of setting up the plants remains aligned with the IPO objects. The Board of Directors has noted the existing investment policy and confirmed it remains in force.
Deviation from Objects
The report states that there has been no deviation from the objects of the issue and no major deviation observed over earlier monitoring agency reports. Shareholder approval was obtained for a change in project locations for solar cell and module manufacturing capacity to Gujarat and for ingot wafer manufacturing capacity to Maharashtra. The company has also acquired land and entered into lease agreements for its manufacturing facilities.
Source: BSE
