Waaree Energies Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026, detailing the utilization of funds raised through its Public Issue. The report, issued by CARE Ratings Limited, confirms adherence to the designated objects and outlines the progress of investments, including parked funds and ongoing project development. The company has also made efforts to inform stakeholders via its website.
Waaree Energies Submits IPO Proceeds Utilization Report
Waaree Energies Limited has formally submitted its Monitoring Agency Report, detailing the status of its Initial Public Offering (IPO) proceeds for the quarter concluding on September 30, 2026. This report is a mandatory submission under SEBI regulations, providing transparency on how the raised capital is being deployed towards the company’s stated objectives.
Report Findings from CARE Ratings
The monitoring agency, CARE Ratings Limited, has provided an assessment of the utilization of funds. According to their report, the proceeds from the company’s fresh issue have been utilized in line with the objects of the issue. Any unutilized amounts have been parked as term deposits with scheduled commercial banks. The report also notes that a significant portion of these term deposits are linked to the company’s subsidiary, where project capital expenditure is underway.
A key detail highlighted is the company’s Board-approved policy for investing funds in term deposits with scheduled commercial banks, which is valid for a period of three years. The Monitoring Agency’s review considered various sources, including Management Certificates, CA Certificates, the Offer Document, and Bank Statements, to form its conclusions.
Project Deployment and Financial Progress
The report indicates that the proceeds from the initial public offer have been partially utilized as per the project objects. Specifically, for the main project concerning the establishment of a 6GW Ingot Wafer, Solar Cell, and Solar PV Module manufacturing facility, a total of ₹1660.29 crore was available at the beginning of the quarter. During the quarter, ₹389.45 crore was utilized, bringing the total utilized amount to ₹2049.74 crore by the end of the quarter. This leaves an unutilized amount of ₹725.76 crore.
For General Corporate Purposes, the entire amount of ₹697.70 crore was available and remained unutilized during the quarter. The issue expenses of ₹127.30 crore also saw no further utilization during this period, with ₹90.69 crore having been utilized previously, leaving ₹36.61 crore unutilized.
Investment of Unutilized Proceeds
The unutilized proceeds have been strategically deployed in various instruments, primarily term deposits with State Bank of India. These investments are diversified across the company (WEL) and its subsidiary, Sangam Solar One Private Limited (SSOPL). The total amount invested in these instruments stands at ₹761.87 crore, earning interest and providing market value appreciation, as detailed in the report.
Project Implementation Status
The report also touches upon the implementation status of the project objects. The manufacturing facility project had an original timeline of March 31, 2025, and March 31, 2026, for deploying funds. Following shareholder approval, the project location was changed, and revised timelines were established for the Solar Module (December 2025), Solar Cell (September 2027), and Ingot Wafer (March 2027) components. Notably, the 6 GW solar module lines were fully operational from April 6, 2026.
Board’s Acknowledgment
The Board of Directors has taken note of the Monitoring Agency’s comments and the progress on the utilization of IPO proceeds. They have acknowledged the investment policy and confirmed its ongoing validity. The Board’s comments indicate a proactive stance on reviewing and confirming financial strategies in line with regulatory requirements and business needs.
The information presented in this report is also available on the company’s official website, www.waaree.com, ensuring broad stakeholder access.
Source: BSE
