ACME Solar Holdings Limited has released its Monitoring Agency Report for the quarter ended September 30, 2025 (Q2 FY26). ICRA Limited, the monitoring agency, confirms no material deviation in the utilization of issue proceeds. Net proceeds from the IPO have been revised to INR 2,298.06 crore due to reduced issue-related expenses. The report provides details on the deployment of funds and project progress.
Key Highlights of the Monitoring Report
ACME Solar Holdings Limited’s Monitoring Agency Report, conducted by ICRA Limited, provides insights into the utilization of funds raised through its IPO. The report confirms that the use of proceeds aligns with the objectives outlined in the issue.
IPO Proceeds and Utilization
The net proceeds from the IPO have been revised to INR 2,298.06 crore as of September 30, 2025, reflecting a decrease in actual issue-related expenses (IRE) by INR 3.28 crore. The initial gross proceeds were INR 2,395.00 crore.
Details of Funds Deployment
The report details the allocation of funds for specific purposes:
Investment in Subsidiaries: A total of INR 1,795.00 crore was allocated for investment in subsidiaries for repayment/prepayment of outstanding borrowings. As of March 31, 2025, this amount had been fully utilized.
General Corporate Purposes: An amount of INR 503.06 crore has been allocated. INR 498.29 crore has been utilized till March 31st, 2025, and the remaining INR 503.06 crore has been utilized till 30th September 2025.
Status of Project Implementation
The implementation of projects funded by the IPO is progressing. The amount allocated for investment in subsidiaries has been fully utilized as of March 31, 2025. General corporate purposes saw near-full utilization by March 2025, with the remaining amount utilized by the end of September 2025.
General Corporate Purpose Expenses
Utilization of proceeds stated as General Corporate Purpose (GCP) is INR 503.06 crore, which consists of:
- Investment in Acme Eco Clean Energy Pvt Ltd :INR 56.04 crore.
- Salary Payment_ACME SOLAR Holdings Ltd: INR 9.99 crore
- LC- Cumic Steel Limited:INR 50.25 crore
- Sany Wind Energy India Pvt Ltd. – WTG:INR 100.22 crore
- NCD_Bank of America Singapore Limited: INR 281.79 crore
- Salary Payment_ACME SOLAR Holdings Ltd : INR 4.77 crore
Source: BSE