CG Power and Industrial Solutions Limited has submitted its statement on the utilization of funds raised through Qualified Institutions Placement (QIP) for the quarter ended September 30, 2026. The company confirmed, as reviewed by its Audit Committee, that there was no deviation or variation in how these funds were utilized during the reported period. The total amount raised was Rs. 3,000 Crores, with net proceeds of Rs. 2,973.97 Crores after issue-related expenses.
QIP Fund Utilization Statement Released
CG Power and Industrial Solutions Limited has officially stated that there has been no deviation or variation in the utilization of funds raised through its Qualified Institutions Placement (QIP) for the quarter that concluded on September 30, 2026. This declaration was made as per the requirements of Regulation 32 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Audit Committee Review
The statement, presented as ‘Annexure A’, was duly reviewed and confirmed by the company’s Audit Committee during their meeting held on Friday, October 23, 2026. The net proceeds from the QIP amounted to Rs. 2,973.97 Crores, after accounting for issue-related expenses of Rs. 26.03 Crores from the total raised amount of Rs. 3,000 Crores.
Fund Allocation Details
The funds were originally earmarked for several key purposes. These included investment in its subsidiary, CG Semi-Private Limited, for capital expenditure related to setting up an OSAT facility (original allocation: Rs. 1,062.85 Crores; utilized: Rs. 184.67 Crores). Additionally, funds were allocated for the company’s own capital expenditure requirements and strategic initiatives, such as setting up a power transformer plant (original allocation: Rs. 601.78 Crores; utilized: Rs. 399.46 Crores) and developing leasehold land (original allocation: Rs. 255.20 Crores; utilized: Rs. 0.00 Crores). Acquisitions and inorganic growth opportunities were allocated Rs. 330.00 Crores, with Rs. 0.00 Crores utilized. General corporate purposes had an original allocation of Rs. 724.14 Crores, with Rs. 50.23 Crores utilized. In all categories, the utilization figures show no deviation from the planned allocation for the quarter.
The company emphasized that the total utilized funds for the quarter were Rs. 634.36 Crores against the total net proceeds of Rs. 2,973.97 Crores.
Source: BSE
