Key Quantitative Figures

  • IPO Gross Proceeds: ₹3,956.40 lakhs
  • Date of Fund Raising: January 20, 2026 (Trading approval date)
  • Total Utilized Amount as of March 31, 2026: ₹2,386.38 lakhs
  • Unutilized Balance as of March 31, 2026: ₹1,570.02 lakhs
  • Projected Issue Expenses (Prospectus): ₹433.59 lakhs
  • Actual Issue Expenses Incurred: ₹400.36 lakhs
  • Savings from Issue Expenses: ₹33.23 lakhs

Project-Specific Utilization

  • Setting up of 7.20 MW (AC) / 9.99 MW (DC) Ground Mounted Solar Power Plant:
  • Projected Amount: ₹3,158.31 lakhs
  • Revised Amount after Reallocation: ₹3,191.54 lakhs (including ₹33.23 lakhs savings from issue expenses)
  • Amount Utilized: ₹1,871.64 lakhs
  • Balance Unutilized: ₹1,319.90 lakhs
  • Utilization Percentage: 59.26% of prospectus amount
  • Target Utilization Timeline: Before Q2 of FY 2026-27
  • General Corporate Purposes:
  • Projected Amount: ₹364.50 lakhs
  • Amount Utilized: ₹114.38 lakhs
  • Balance Unutilized: ₹250.12 lakhs
  • Utilization Percentage: 31.38%
  • Target Utilization Timeline: Before March 31, 2027
  • Issue Expenses:
  • Projected Amount: ₹433.59 lakhs
  • Actual Amount: ₹400.36 lakhs (fully utilized)
  • Utilization Percentage: 92.34%

Dates of Action

  • Board and Audit Committee Meeting: May 23, 2026 (statement reviewed and taken on record)
  • Certificate Date: May 23, 2026 (issued by auditors)
  • Reporting Period: Quarter ended March 31, 2026

Parties Involved

  • Listed Entity: GRE Renew Enertech Limited (formerly GRE Renew Enertech Private Limited)
  • Stock Exchange: BSE Limited
  • Auditors: Dhiren H Pandya & Associates LLP, Chartered Accountants (Partner: Varun Pandya, Membership No. 129612)
  • Monitoring Agency: Not appointed

Explanation of Deviation

The disclosure indicates a technical deviation due to lower-than-projected issue expenses. The company saved ₹33.23 lakhs on issue expenses (actual ₹400.36 lakhs vs projected ₹433.59 lakhs). This saved amount will be reallocated to the solar power plant project, increasing its allocation from ₹3,158.31 lakhs to ₹3,191.54 lakhs.

Auditor Certification

Independent auditors Dhiren H Pandya & Associates LLP certified that:

  • The utilization of funds is in agreement with the manner stated in the prospectus
  • There are no deviations in the use of proceeds from the objects stated in the prospectus
  • The saved ₹33.23 lakhs from issue expenses has been properly reallocated to the solar project

Financial Impact

The deviation represents a cost saving that will be applied to capital expenditure. The financial impact is quantified as ₹33.23 lakhs savings reallocated within the same fundraising purposes.

Capital Structure Impact

No impact on capital structure disclosed. The disclosure pertains only to utilization of already raised funds.

Governance Process

The statement was reviewed by the Audit Committee and taken on record by the Board of Directors at their meetings held on May 23, 2026.

#Tags: #GRERENEW #SEBIRegulation32 #IPOCompliance #FundUtilization #Neutral