Techno Electric & Engineering Company Limited has submitted a report detailing the utilization of funds raised through a Qualified Institutional Placement (QIP). The report, issued by CARE Ratings Limited for the quarter ended September 30, 2026, outlines the reallocation of proceeds from the cancelled NERGS I project to a data center project in Chennai. Overall fund utilization for the quarter was ₹96.79 crore.
QIP Fund Utilization Report Submitted
Techno Electric & Engineering Company Limited has officially released its Monitoring Agency Report concerning the utilization of funds raised via a Qualified Institutional Placement (QIP). The report, prepared by CARE Ratings Limited, covers the quarter ending September 30, 2026.
Fund Reallocation and Project Updates
The report highlights a significant reallocation of funds due to the cancellation of the NERGS I project by the Government of India. An amount of ₹200 crore originally earmarked for NERGS I has been reallocated towards funding EPC works for a data center project in Chennai, managed by its subsidiary Techno Infra Developers Private Limited. This shift was approved by the company’s Board of Directors on August 12, 2025.
The total QIP issue size was ₹1,250 crore, with overall utilization for the quarter amounting to ₹96.79 crore. The company has confirmed that all necessary government and statutory approvals are in place for the utilized objects, with the exception of the cancelled NERGS I project. Further, Techno Electric & Engineering Company Limited noted a ~41% decline in its share price from the QIP issue price to ₹850.15 as of October 30, 2026.
Financial Details
The report details the cost of objects monitored. The investment in NERES XVI Power Transmission Limited and NERGS-I Power Transmission Limited was revised from ₹400 crore to ₹200 crore. The investment in the data center project was revised upwards from ₹350 crore to ₹550 crore. General corporate purposes (GCP) saw a slight increase from ₹273.81 crore to ₹274.93 crore due to the reallocation of surplus issue expenses.
Deployment of Proceeds
The company has indicated that proceeds towards General Corporate Purpose (GCP) have been fully utilized. The total utilization of funds raised through the QIP has been achieved in line with the stated objects of the issue.
Source: BSE
