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

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.

Ravindra Energy Limited has successfully concluded its postal ballot process, with shareholders overwhelmingly approving three key resolutions including the appointment of Mr. Apurva Chandra as Independent Director. The company announced the voting results on January 7, 2026, following the scrutinizer's report dated January 6, 2026.

Comprehensive Voting Results

The postal ballot process, conducted through remote e-voting from December 7, 2025, to January 5, 2026, demonstrated strong shareholder participation across all three resolutions. The detailed voting breakdown shows exceptional support for corporate governance initiatives:

Independent Director Appointment Confirmed

Mr. Apurva Chandra's appointment as Additional Director in the capacity of Non-Executive Independent Director received exceptional shareholder support across all categories. The resolution details and approval metrics are:

Detailed Shareholder Participation Analysis

The voting pattern across different shareholder categories revealed strong institutional and retail investor confidence. Promoter and promoter group participation was 99.27% for the independent director appointment, while public institutions showed 36.72% participation and public non-institutions recorded 31.12% participation.

Additional Resolutions and Abstention Details

For the second and third resolutions regarding loan guarantees and related party transactions with Energy in Motion Limited, promoter and promoter group entities abstained from voting due to their interest in the matters. A total of 12,38,56,976 shares held by promoters and related entities remained abstained, ensuring compliance with regulatory requirements.

Process Administration and Compliance

The postal ballot process was meticulously administered by Sanjay R. Dholakia of Sanjay Dholakia & Associates, Company Secretaries, who served as the appointed scrutinizer. KFin Technologies Limited provided the remote e-voting platform, ensuring secure and transparent voting mechanisms.

This successful postal ballot process demonstrates strong shareholder confidence in Ravindra Energy's strategic direction and governance initiatives. The overwhelming approval of all three resolutions, particularly Mr. Chandra's appointment with his extensive administrative and policy experience, is expected to enhance the company's board expertise in areas relevant to the energy sector.