Inox Green Energy Services Limited has submitted statements confirming nil deviation or variation in the utilisation of funds raised through a preferential issue and a Qualified Institutions Placement (QIP). The reports, reviewed by the Audit Committee, cover the quarter ended September 30, 2026. Proceeds from the preferential issue have been utilized as per the offer documents, while QIP funds remained unutilized as of the reporting date.
No Deviation in Fund Utilisation for Inox Green Energy Services
Inox Green Energy Services Limited has officially reported that there has been no deviation or variation in the utilisation of funds raised from its Preferential Issue of Equity Shares and Convertible Warrants, and its Qualified Institutions Placement (QIP). This confirmation pertains to the financial quarter ending September 30, 2026.
Preferential Issue Compliance
For the Preferential Issue of Equity Shares and Warrants, the company stated that the proceeds have been utilized in accordance with the objects outlined in the offer documents. The total amount raised through this mode was Rs. 966.30 Crore. The detailed breakdown shows various allotment dates between August 2024 and January 2026, with funds allocated towards equity shares, convertible warrants, and their subsequent exercise into equity shares. The audited statement confirming this compliance is provided as Annexure A.
QIP Funds Status
Regarding the Qualified Institutions Placement (QIP) of Equity Shares, the company reported that the proceeds remained unutilised as of September 30, 2026. These funds were held in the designated QIP Escrow Account. The amount raised through the QIP was approximately Rs. 299,99,99,852.45, representing 181,10,473 Equity Shares at Rs. 165.65 per share. This statement of compliance is enclosed as Annexure B.
Monitoring and Audit Review
The company’s adherence to fund utilisation norms was monitored by CARE Ratings Limited. The Audit Committee has reviewed these statements and found no comments on the deviations or variations. Similarly, the auditors have also provided no comments, reinforcing the company’s financial stewardship and transparent reporting practices.
Source: BSE
