Hitachi Energy India Limited has confirmed that there was no deviation or variation in the utilization of funds raised through its Qualified Institutional Placement (QIP) for the quarter ended September 30, 2026. The proceeds were used strictly for the objects stated in the placement document dated March 13, 2025. The Audit Committee reviewed and approved this statement, reinforcing transparency in fund management.
Confirmation of QIP Fund Utilization
Hitachi Energy India Limited has officially stated that there was no deviation or variation in the use of proceeds raised through its Qualified Institutional Placement (QIP) for the quarter ending September 30, 2026. This confirmation aligns with the objects as detailed in the Placement Document issued on March 13, 2025.
Audit Committee Review
The statement regarding the utilization of QIP funds was thoroughly reviewed by the company’s Audit Committee during its meeting held on November 12, 2026. The committee’s approval signifies adherence to the planned allocation and utilization strategy for the raised capital, providing assurance to stakeholders.
Detailed Breakdown of Fund Allocation
Objects of Fund Raising
The funds raised were initially earmarked for specific purposes, with the total proceeds amounting to Rs. 2,476.29 Crores (Original Allocation). This was later modified to Rs. 2,485.37 Crores (Modified Allocation).
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Funding the capital expenditure requirements of the Company: An amount of Rs. 1,513.28 Crores was allocated for this purpose, with Rs. 820.11 Crores utilized during the reported quarter. This utilization is related to capacity increase, equipment addition, and civil works.
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Funding the working capital requirements of the Company: Rs. 350.00 Crores was allocated, with Nil utilization during the reported quarter. No deviation was observed.
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General Corporate Purposes: An amount of Rs. 622.09 Crores (Modified Allocation from Rs. 613.01 Crores) was allocated, with Nil utilization during the reported quarter. No deviation was observed.
The total funds utilized as per the statement amount to Rs. 820.11 Crores.
Explanation for Net Proceeds Revision
An estimated amount of Rs. 44.53 Crores was initially allocated for issue-related expenses as per the Placement Document. However, actual expenses incurred by September 30, 2026, were Rs. 35.45 Crores, resulting in an unutilized balance of Rs. 9.08 Crores. Pursuant to a Board Resolution dated August 07, 2026, this unutilized balance lying in the QIP Escrow Account was transferred to the QIP Monitoring Account and reallocated towards General Corporate Purposes (GCP). This reallocation has revised the net proceeds of the QIP from INR 2,476.29 crores to INR 2,485.37 crores.
Source: BSE
