INOX Green Energy Services Limited has confirmed that there was no deviation or variation in the utilization of proceeds raised via the Preferential Issue up to December 31, 2025. The total utilization reported for the quarter was ₹612.11 crore against the total amount raised of ₹675.00 crore. The Audit Committee duly reviewed and noted this statement of nil deviation on February 13, 2026.
Confirmation of Fund Utilization: Q3 FY2025
INOX Green Energy Services Limited has formally submitted a statement confirming compliance with utilization norms for funds procured through a Preferential Issue. This disclosure pertains to the quarter ending December 31, 2025.
The company asserts that the proceeds have been utilized strictly in line with the objectives outlined in the original offer document, resulting in a statement of nil deviation.
Summary of Funds Raised and Utilized
The total consideration received by the company through the Preferential Issue, comprising equity shares and convertible warrants, amounted to ₹675.00 Crore out of a total issue size of ₹1,050 Crores (as of December 31, 2025). The upfront consideration received towards equity shares was ₹400 Crore, with an additional ₹162.5 Crore received upfront for warrants.
The total funds utilized against the original objects for the period ending December 31, 2025, stands at ₹612.11 Crore, with no reported deviation from the allocation plan.
Object-Wise Fund Utilization Details
The allocation of the ₹1,050 Crore funds was earmarked for three primary purposes, none of which experienced any variation in the quarter:
- Debt Repayment: Original allocation of ₹110.00 Crore. Funds utilized amounted to ₹109.64 Crore, resulting in Nil deviation.
- Investment in Subsidiaries: Original allocation of ₹690.00 Crore. Funds utilized were ₹445.83 Crore, resulting in Nil deviation.
- General Corporate Purposes: Original allocation of ₹250.00 Crore. Funds utilized were ₹56.64 Crore, resulting in Nil deviation.
Audit and Review
The statement confirming the lack of deviation or variation in the use of funds was thoroughly reviewed and formally noted by the company’s Audit Committee during its meeting held on February 13, 2026.
The monitoring agency for this fund raise, CARE Ratings Limited, has not noted any applicable deviation for the reported quarter.
Source: BSE
