INOX Green Energy Services Limited has submitted its Monitoring Agency Report for the quarter ended June 30, 2026. The report, prepared by CARE Ratings Limited, details the utilization of proceeds from the company’s preferential issue. This submission aligns with SEBI regulations, providing transparency on how the funds raised are being deployed towards the company’s stated objectives, including debt repayment, investments in subsidiaries, and general corporate purposes.
Monitoring Agency Report Filed for Preferential Issue Proceeds
INOX Green Energy Services Limited has officially submitted its Monitoring Agency Report concerning the utilization of funds raised through a preferential issue. The report covers the period up to June 30, 2026, and was prepared by CARE Ratings Limited, acting as the appointed monitoring agency.
Key Findings from the Report
The report indicates that the preferential issue proceeds, originally amounting to ₹1050 crore, have seen a revision in the total cost to ₹966.30 crore. This adjustment is attributed to the cancellation of approximately 76.96 lakh warrants on January 28, 2026, due to the non-exercise of their conversion option, resulting in a shortfall of ₹83.70 crore.
Utilization Details
The report breaks down the utilization of funds across several key areas:
- Debt Repayment: An original cost of ₹110 crore was revised to ₹109.64 crore. No utilization was reported during the quarter, with the amount remaining fully utilized.
- Investment in Subsidiaries: Originally set at ₹690 crore, the revised cost is ₹621 crore. During the quarter (Q1-FY27), the company spent ₹164.29 crore on investments in subsidiaries, bringing the total utilized amount to ₹611.49 crore, with ₹9.51 crore unutilized.
- General Corporate Purposes (GCP): The allocated amount was ₹250 crore, revised to ₹235.66 crore. For Q1-FY27, ₹53.84 crore was spent, bringing the total utilized amount to ₹110.48 crore, leaving ₹125.18 crore unutilized. This utilization is within prescribed limits and has been approved by the CFO.
Deployment of Unutilized Proceeds
As of the end of the quarter, the total unutilized proceeds stand at ₹134.69 crore. These funds have been primarily parked in term deposits with ICICI Bank and as a balance in the monitoring account, generating a nominal return on investment.
Implementation Status
The implementation of the objects is largely on track, with Debt Repayment marked as ‘Completed’. Investments in Subsidiaries and General Corporate Purposes are ongoing, with ‘No delay’ reported.
Source: BSE
