Ravindra Energy Reallocates Funds in Rs. 180 Crore Preferential Issue
Ravindra Energy Limited has modified its fund allocation for a Rs. 180 crore preferential issue of equity shares. The company increased allocation for Renewable Energy from Rs. 90 crore to Rs. 95.50 crore, decreased Electric Vehicle allocation from Rs. 60 crore to Rs. 54.50 crore, while maintaining Rs. 30 crore for General Corporate Purpose. The Rs. 5.50 crore reallocation falls within the pre-approved 10% deviation limit. The company has utilized Rs. 171.99 crore of the raised Rs. 179.99 crore. Ravindra Energy also reported progress in its renewable energy sector, with 187.3 MW operating capacity and ongoing projects, and advancements in its Electric Vehicle business.
*this image is generated using AI for illustrative purposes only.
Ravindra Energy Limited has reported modifications in fund allocation for its Rs. 180 crore preferential issue of equity shares. The company, which raised Rs. 179.99 crore, has made adjustments to its fund utilization across three business segments, staying within the pre-approved 10% deviation limit set by shareholders.
Fund Reallocation Details
| Business Segment | Original Allocation (Rs. Crore) | Modified Allocation (Rs. Crore) | Funds Utilized (Rs. Crore) | Deviation (Rs. Crore) |
|---|---|---|---|---|
| Renewable Energy | 90.00 | 95.50 | 95.50 | +5.50 |
| Electric Vehicle | 60.00 | 54.50 | 46.51 | -5.50 |
| General Corporate Purpose | 30.00 | 30.00 | 29.98 | 0.00 |
| Total | 180.00 | 180.00 | 171.99 | 0.00 |
Key Points of the Reallocation
- Renewable Energy Business: The allocation has been increased from Rs. 90 crore to Rs. 95.50 crore, with the entire amount already utilized.
- Electric Vehicle Business: The allocation has been reduced from Rs. 60 crore to Rs. 54.50 crore, with Rs. 46.51 crore utilized so far.
- General Corporate Purpose: The allocation remains unchanged at Rs. 30 crore, with Rs. 29.98 crore utilized.
The company stated that the reallocation of Rs. 5.50 crore falls within the 10% deviation limit pre-approved by shareholders. This adjustment aligns with the NSE Circular No. NSE/CML/2022/56 and BSE Circular No. 0221213-47, both dated December 13, 2022, which allow for such flexibility in fund utilization.
Monitoring and Compliance
India Ratings and Research Private Limited, appointed as the Monitoring Agency, has overseen the fund utilization. Ravindra Energy has complied with regulatory requirements by submitting the necessary reports and disclosures to the stock exchanges.
Business Update
Ravindra Energy has also provided a business update, highlighting its progress in the renewable energy sector:
- Operating capacity as of the report date: 187.3 MW
- Commissioned 100 MW AC/135 MW DC under MSKVY Phase 1
- Commissioned 11 MW of open access projects in Akhadabalapur solar park
- Under construction: 45 MW AC/58 MW DC, with targeted completion by March 31, 2026
- Received Letter of Award from MSEDCL for MSKVY Phase 3 for 120 MW AC projects, with scheduled completion by March 2027
- Declared L1 in HESCOM bid for 62 MW AC
The company is also making strides in its Electric Vehicle (EIM) business:
- Commissioned two swap stations in JNPA Port (Navi Mumbai) and NCR (NH-44-Sonepat)
- Sold 91 e-tractors to date with a total order book of 185 e-tractors
- Received LOI from a major cement company for transporting 50,000 MT per month under a long-term contract
These developments indicate Ravindra Energy's commitment to expanding its presence in both the renewable energy and electric vehicle sectors, aligning with the modified fund allocation strategy.
The reallocation of funds demonstrates the company's adaptive approach to changing market conditions and business priorities while maintaining transparency with its shareholders and regulatory bodies.
Historical Stock Returns for Ravindra Energy
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -3.81% | +4.24% | -8.05% | +42.51% | +15.49% | +78.90% |
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