GRE Renew Enertech Limited filed a regulatory disclosure pursuant to SEBI Regulation 32 and SEBI Circular No. CIR/CFD/CMD1/162/2019 dated December 24, 2019, regarding deviation/variation in utilization of IPO proceeds for the quarter ended September 30, 2026.

Key Details of Fund Raising

  • Mode of Fund Raising: Initial Public Offer (IPO) - Public Issue
  • Date of Raising Funds: 20 January 2026 (Trading approval)
  • Amount Raised: ₹3,956.40 Lakhs (Gross Proceeds)
  • Monitoring Agency: No monitoring agency appointed

Deviation/Variation Disclosure

  • Deviation/Variation Exists: Yes
  • Shareholder Approval Obtained: Yes, pursuant to change in objects approved by shareholders
  • Date of Shareholder Approval: 24 June 2026
  • Explanation for Deviation: Reallocation of ₹206.13 Lakhs from the object "Setting up of 7.20 MW (AC) / 9.99 MW (DC) Ground Mounted Solar Power Plant" to "General Corporate Purposes", approved by Special Resolution passed by Members through Postal Ballot on 24 June 2026. Additionally, savings of ₹33.23 Lakhs in issue expenses are proposed to be utilized towards capital expenditure for the Solar Power Plant.

Utilization Status as of September 30, 2026

| Object | Original Amount (₹ Lakhs) | Deviation (₹ Lakhs) | Revised Amount (₹ Lakhs) | Actual Utilization (₹ Lakhs) | Balance Unutilized (₹ Lakhs) | % Utilized |

| Setting up of 7.20 MW (AC)/9.99 MW (DC) Ground Mounted Solar Power Plant | 3,158.31 | (172.90) | 2,985.41 | 2,985.41 | 0 | 100% |

| General Corporate Purposes | 364.50 | 206.13 | 570.63 | 570.63 | 0 | 100% |

| Issue Expenses | 433.59 | (33.23) | 400.36 | 400.36 | 0 | 100% |

| Total | 3,956.40 | - | 3,956.40 | 3,956.40 | 0 | - |

Important Notes

  • The utilization figures reflect variations approved by the Board of Directors at their meeting held on May 23, 2026, and by Members through resolution dated June 24, 2026.
  • Out of the amount utilized, the Company utilized ₹50.91 Lakhs from its own funds prior to the issuance of the IPO.

Auditor Certification

Manubhai & Shah LLP, Chartered Accountants (ICAI Firm Reg. No. 106041W/W100136), issued a certificate dated November 6, 2026, verifying the utilization of IPO proceeds as of September 30, 2026. The certificate confirms:

  • Total proceeds utilized: ₹3,956.40 Lakhs
  • Breakdown matches the utilization statement above
  • Includes ₹50.91 Lakhs utilized from company's own funds before IPO issuance
  • Reliance placed on predecessor auditor's certificate dated May 23, 2026 for utilization up to March 31, 2026

The certificate is restricted for use solely for submission to SEBI/Exchange and not for any other purpose.