IPO Fund Raising Details

  • Mode of Fund Raising: Initial Public Offering (IPO) - Public Issue
  • Date of Raising Funds: November 28, 2024 (Date of Allotment)
  • Amount Raised: ₹160.47 Crore consisting of:
  • Fresh issue of 27.9 lakh equity shares raising ₹93.47 Crore
  • Offer for sale of 20 lakh shares amounting to ₹67 Crore
  • Listing Platform: BSE SME platform

Fund Utilization Status

Original Objects and Allocation (₹ in Lakhs)

| Object | Original Allocation | Funds Utilized | Unutilized Funds |

| Additional Working Capital Requirement | 3000.00 | 3000.00 | 0 |

| General Corporate Purpose | 2286.00 | 2286.00 | 0 |

| Capital Expenditure | 2510.93 | 0 | 2510.93 |

| Total Net Proceeds | 7796.93 | 5286.00 | 2510.93 |

Breakdown of Original Capital Expenditure Objects (₹ in Lakhs)

  • Purchase of cable identification, testing, and fault location equipment: 1,794.82
  • Setting up of DC Solar Power Plant (1,300 KW capacity): 416.11
  • In-house development of technical expertise in Green Hydrogen production and associated equipment (Electrolysers): 300.00

Deviation/Variation Details

  • Deviation Exists: Yes
  • Reason: Modification in Object clause approved by shareholders
  • Shareholder Approval Date: September 24, 2026 (Annual General Meeting)
  • Audit Committee Comments: No Comments
  • Auditors Comments: No Comments

IPO Expenses Actual vs Estimated

  • Estimated IPO Expenses: ₹1,550.00 lakhs
  • Actual IPO Expenses Incurred: ₹1,434.41 lakhs
  • Amount Debited to Selling Shareholders (Offer for Sale portion): ₹741.29 lakhs
  • Resulting Surplus: ₹856.88 lakhs utilized towards Working Capital Requirements

Modified Objects and Reallocation

The entire unutilized amount of ₹2,510.93 lakhs from capital expenditure has been reallocated to a Battery Energy Storage System (BESS) Project.

Battery Energy Storage System (BESS) Project Details

  • Project: Battery Energy Storage System (BESS) — Gujarat
  • Client/Offtaker: Gujarat Urja Vikas Nigam Limited (GUVNL)
  • Contract Type: Battery Energy Storage Purchase Agreement (BESPA)
  • Project Capacity: 65 MW / 130 MWh
  • Agreement Duration: 12 years
  • Contracted Tariff: ₹1.89 Lakh per MW per month
  • Project Location: Gujarat, India
  • Business Model: Develop, Own and Operate (RPSL bills GUVNL monthly post commissioning)
  • Completion Target: September 2027
  • Grid Integration: Interconnected with grid through GETCO's 220 kV Virpore Air Insulated Substation (AIS)

Project Scope and Implementation

  • Detailed engineering, design, procurement, construction, installation, testing, commissioning
  • Long-term operation & maintenance (O&M) in coordination with State Load Dispatch Centre (SLDC)
  • Designed for daily charge and discharge cycles—storing energy during off-peak periods and releasing during peak demand
  • Total Estimated Deployment: ₹2,510.93 Lakhs

Reasons for Variation

  • Entry into the Fast-Growing BESS Segment
  • Revenue Visibility & Viability through fixed payments under utility contracts
  • Strategic Positioning in energy-transition ecosystem
  • Support for ESG objectives and National Energy Storage Obligations (ESO)

Risk Factors

  • Tariff & Viability Risk: Aggressive tariff bidding may pressure project margins
  • Import & Supply Chain Risk: Dependence on imported equipment/components
  • Execution & Financing Risk: Delays in approvals and funding availability
  • Operational Risks: Equipment degradation and performance guarantee obligations