CG Power and Industrial Solutions Limited submitted a regulatory filing pursuant to SEBI LODR Regulations, 2015, Regulation 32. The disclosure confirms that there is no deviation or variation in the utilisation of proceeds from its Qualified Institutions Placement (QIP) for the quarter ended 30th June 2026.
The QIP was conducted with an issue open date of 30th June 2025 and a closing date of 3rd July 2025. Equity shares were allotted on 4th July 2025. The gross amount raised was ₹3,000 Crores. After deducting issue-related expenses of ₹26.03 Crores, the net proceeds available for utilisation were ₹2,973.97 Crores.
The utilisation of funds as of 30th June 2026, against the originally stated objects, is as follows:
- Investment in Subsidiary (CG Semi Private Limited) for OSAT facility: Original allocation of ₹1,062.85 Crores. Funds utilised: ₹184.67 Crores. Deviation/Variation: ₹0.00.
- Capital expenditure and strategic initiatives (Company): Original allocation of ₹601.78 Crores. Funds utilised: ₹241.72 Crores. Deviation/Variation: ₹0.00. This includes:
- Setting up of a power transformer plant.
- Development of a leasehold land.
- Acquisitions and inorganic growth opportunities: Original allocation of ₹330.00 Crores. Funds utilised: ₹0.00. Deviation/Variation: ₹0.00.
- General corporate purposes: Original allocation of ₹724.14 Crores (calculated from total net proceeds). Funds utilised: ₹50.23 Crores. Deviation/Variation: ₹0.00.
The total funds utilised to date amount to ₹476.62 Crores. The monitoring agency for the fund utilisation is named as CARE Ratings Limited.
The company's Audit Committee reviewed this statement of no deviation in their meeting held on Friday, 24th July 2026. There is no change in the terms of any contract or objects that required shareholder approval, and the item is marked 'Not Applicable'.
The statement was signed and submitted to BSE Limited and the National Stock Exchange of India Ltd by Sanjay Kumar Chowdhary, Company Secretary and Compliance Officer.