Adani Energy Solutions has released its monitoring agency report concerning funds raised through a Qualified Institutional Placement (QIP). The report, covering the quarter ending December 31, 2025, addresses the utilization of ₹8,373.10 crore. While there were deviations in fund allocation, all changes were approved by the board. The report from CARE Ratings confirms adherence to regulatory guidelines and provides insight into the QIP’s deployment across various company initiatives.
QIP Funds Monitoring
Adani Energy Solutions has provided an update on the utilization of funds raised through its Qualified Institutional Placement (QIP). The monitoring agency report, issued by CARE Ratings, covers the financial quarter ending December 31, 2025.
Key Financials of QIP
The QIP involved the issuance of 8,57,89,959 equity shares, raising a total of ₹8,373.10 crore. The funds were intended for various corporate purposes, with allocations detailed in the offer document.
Utilization and Deviations
The monitoring report indicates some deviation from the originally planned allocation of funds. Specifically, there was a reallocation of funds between two specific objects, driven by an increase in capital expenditure (capex) in the transmission sector. This reallocation was reviewed by the Audit Committee.
Specific Object Allocations
A significant portion of the funds was allocated to meet the capital expenditure requirements of Adani Energy Solutions’ subsidiaries, specifically for setting up transmission systems. An initial allocation of ₹2,060.00 crore was revised to ₹2,860.00 crore. Funds were also allocated to purchase and installation of smart meters, with initial allocation of ₹1,800.00 crore. Further ₹2,420.00 crore went to repayment / pre-payment, in full or in part, of certain outstanding borrowings. Another ₹2,030.60 crore was allocated to general corporate purposes and ₹62.50 crore towards issue expenses.
Board Approval
It’s important to note that the deviations observed had board approval. The report ensures full compliance with regulatory requirements. A subsequent reallocation was required to allocate balance amounts during Q4 FY 2025-26.
Auditor Comments
The auditors noted that amounts had been transferred from the original monitoring account to fixed deposits and then to current accounts for utilization. They relied on management declarations to verify funds deployment.
Source: BSE
