Premier Energies Limited’s Monitoring Agency Report, issued by CRISIL Ratings Limited, indicates that the utilization of IPO proceeds is aligned with the objects stated in the offer document and shareholders’ resolutions as of September 30, 2025. A change in project location from Ranga Reddy to Tirupati was approved. Total unutilized proceeds stand at ₹5,082.43 million.
IPO Proceeds Utilization
According to the Monitoring Agency Report for the quarter ending September 30, 2025, issued by CRISIL Ratings Limited, Premier Energies Limited has utilized the funds raised through its Initial Public Offer (IPO) as intended. All utilization aligns with the disclosures made in the offer document, including the change of project location, which was approved by shareholders on April 6, 2025.
Key Highlights from the Report
A key deviation from the original plan was a change in the location of the 4 GW solar PV cell project, now situated in Tirupati District, Andhra Pradesh, instead of Ranga Reddy District, Telangana. This change received shareholder approval.
Financial Status and Investments
The total gross proceeds from the fresh issue were ₹12,914 million, with issue expenses amounting to ₹525.11 million. As of September 30, 2025, total unutilized proceeds amount to ₹5,082.43 million. These funds are primarily parked in fixed deposits and current accounts held by the Company and its Subsidiary.
Investment Details
The company has invested ₹4,898.25 million in Premier Energies Global Environment Private Limited to partly finance the 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility. Additionally, ₹2,449.10 million has been infused in a subsidiary for general corporate purposes.
Unutilized Funds Deployment
Unutilized funds are deployed in various fixed deposits and current accounts across different banks, generating earnings of ₹33.28 million as of September 30, 2025. Investments vary in maturity and return, with balances also held in monitoring accounts and public offer accounts.
Source: BSE
