WAAREE Energies has released a monitoring agency report regarding the utilization of funds raised through its IPO for the quarter ended December 31, 2025. The report, issued by CARE Ratings, indicates that IPO proceeds are being partially utilized with unutilized amounts parked in term deposits. A change in project location from Odisha to Gujarat has been approved by shareholders.
IPO Proceeds Utilization
WAAREE Energies has provided an update on the utilization of proceeds from its initial public offering. As of the quarter ending December 31, 2025, the proceeds have been partially utilized, and the remaining funds are held in term deposits with scheduled commercial banks.
Project Location Change
A significant development is the approved change in the project’s location. Originally planned for Odisha, the manufacturing facility for solar cells and modules will now be established in Gujarat, with the Ingot-wafer facility in Nagpur, Maharashtra. This change was approved by shareholders via postal ballot on August 2, 2025.
Financial Details and Monitoring
The IPO aimed to raise ₹3600 crore. As of the report, ₹1464.89 crore has been utilized, leaving a total unutilized amount of ₹2135.11 crore. A portion of the unutilized funds (₹26.11 crore) is held in a current account, and the rest is invested in term deposits. The monitoring agency, CARE Ratings, confirms no deviations from the stated objectives of the IPO.
Deployment of Unutilized Proceeds
The unutilized funds have been primarily deployed in term deposits with Axis Bank and Bank of Baroda. As of the quarter’s end, the market value of these investments totaled ₹2211.69 crore, with earnings from these deposits amounting to ₹76.28 crore. The interest rates on these deposits range from 6.75% to 7.93%.
General Corporate Purposes
A total of ₹697.70 crore was allocated for general corporate purposes. These funds have been utilized for raw materials, taxes, duties, freight, manpower, and marketing expenses as outlined in the offer document.
Source: BSE
