Hitachi Energy India Limited has released its Monitoring Agency Report for the quarter ended March 31, 2026. The company raised Rs 2,520.82 crore through a Qualified Institutional Placement (QIP), with net proceeds totaling Rs 2,476.29 crore. The report confirms that the funds are being utilized for capital expenditure, working capital requirements, and general corporate purposes, with Rs 469.66 crore already deployed by the end of the quarter.
Financial Overview of QIP Proceeds
Following a successful Qualified Institutional Placement conducted between March 10, 2025, and March 13, 2025, Hitachi Energy India Limited has provided an update on the deployment of funds. The gross proceeds from the issue reached Rs 2,520.82 crore, with net proceeds calculated at Rs 2,476.29 crore after adjusting for fees and expenses.
Utilization Progress
As of the end of the quarter on March 31, 2026, the company has utilized a total of Rs 469.66 crore, all of which was directed toward capital expenditure requirements, including expansion and development of various business units. A balance of Rs 2,006.63 crore remains unutilized and is currently deployed in various short-term financial instruments, including fixed deposits and short-term bank deposits, yielding competitive returns.
Implementation Schedule
The company noted a delay in the planned implementation schedule for capital expenditure, primarily attributed to adverse weather conditions and a revision in project scope driven by evolving business requirements. Despite this delay, the company maintains that funds will be utilized in subsequent periods as per its management strategy and in alignment with the original objectives outlined in the offer document.
Operational Compliance
The Monitoring Agency report confirms that there have been no deviations from the stated objectives of the issue. The company maintains rigorous financial oversight, ensuring that all funds are allocated transparently. Minor operational adjustments, such as the temporary reimbursement of funds from internal accruals and the rectification of an inadvertent transfer, were promptly addressed within the reporting period, ensuring no impact on the overall utilization plan.
Source: BSE
