NTPC Green Energy Limited’s monitoring agency, CARE Ratings, has issued a report on the utilization of funds raised through the Initial Public Offer (IPO) for the quarter ended September 30, 2025. The IPO proceeds of ₹10,000 crore have been fully utilized as per the disclosed objectives in the Offer Document, primarily towards investment in NTPC Renewable Energy Limited (NREL) and general corporate purposes.
IPO Funds Utilization Overview
CARE Ratings Limited, the monitoring agency, has released its report regarding the utilization of funds raised by NTPC Green Energy Limited through its Initial Public Offer (IPO). The report, dated November 7, 2025, covers the quarter ended September 30, 2025. The IPO had raised a total of ₹10,000 crore.
Allocation of Funds
The report indicates that the IPO proceeds have been fully utilized according to the objectives outlined in the Offer Document. A significant portion was invested in NTPC Renewable Energy Limited (NREL), a wholly-owned subsidiary, for repayment/prepayment of outstanding borrowings. A further portion was allocated to general corporate purposes.
Specific Fund Deployment
A total of ₹7,500 crore was invested in NREL for debt repayment. For general corporate purposes, ₹2,455.33 crore was utilized, including an investment of ₹2,352.86 crore in ONGC-NTPC Green Private Limited (ONGPL), a joint venture for acquiring Ayana Renewable Power Private Limited (ARPPL). Actual issue expenses were ₹44.67 crore.
No Deviations Reported
The monitoring agency found no material deviations from the disclosed objectives. All government/statutory approvals related to the object(s) have been obtained, and there are no unfavorable events affecting the viability of these object(s).
Source: BSE
