Premier Energies Limited has submitted its Monitoring Agency Report for the quarter ended June 30, 2026. The report, issued by CRISIL Ratings Limited, details the utilization of proceeds from the company’s Initial Public Offer (IPO) in accordance with SEBI regulations. The document confirms that utilization aligns with disclosed objects, with no significant deviations noted.
Monitoring Agency Report Submitted for IPO Proceeds
Premier Energies Limited has officially submitted its Monitoring Agency Report concerning the utilization of funds raised through its Initial Public Offer (IPO). This report covers the financial quarter that ended on June 30, 2026.
CRISIL Ratings Issues Report
The monitoring agency, CRISIL Ratings Limited, has issued this report as per the requirements of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report confirms that the utilization of IPO proceeds for the specified quarter has been in line with the objects stated in the offer document, subject to shareholder resolutions where applicable.
Key Findings on Utilization
The report indicates that the Utilization different from objects stated in the offer document but in line with change of objects approved by shareholders’ resolution. Specifically, for the quarter ended March 31, 2025, the location of a key project was changed following a special resolution. As of June 30, 2026, the proceeds were fully utilized for the primary investment object and general corporate purposes as per the initial disclosures.
Financial Overview of IPO
The Initial Public Offer (IPO) period was from August 27, 2024, to August 29, 2024, with an issue size of Rs 28,304 million. The gross proceeds of the fresh issue amounted to Rs 12,914.00 million, with issue expenses totaling Rs 525.11 million, resulting in net proceeds of Rs 12,388.89 million. The Monitoring Agency’s scope covers monitoring the gross proceeds.
Progress on Project Objects
The primary object of the IPO was the investment in Premier Energies Global Environment Private Limited (PEGEPL) for part-financing the establishment of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Hyderabad, Telangana. The report confirms that proceeds were fully utilized for this object as of March 31, 2026. General Corporate Purposes also saw full utilization as of the same date. A portion of the proceeds was utilized towards commission and processing fees for issue expenses, with a minor amount of Rs 17.22 million remaining unutilized from issue expenses.
No Unutilized Proceeds for General Corporate Purposes
During the reported quarter, there was no utilization during the reported quarter for General Corporate Purpose amounts stated in the offer document, as these had already been fully utilized.
No Delay in Implementation
The report also indicates that there were no delays in the implementation of the objects as per the offer document. The associated sections for comments from the Board of Directors on reasons for delay and proposed course of action were noted as ‘Not applicable’.
Source: BSE
