News Corporate Actions Saatvik Green Energy Utilizes Rs 3,169.58 Million IPO Proceeds in Q3FY26Saatvik Green Energy Utilizes Rs 3,169.58 Million IPO Proceeds in Q3FY26
Saatvik Green Energy Limited utilized Rs 3,169.58 million from its Rs 7,000.00 million IPO proceeds during Q3FY26, with Rs 3,830.42 million remaining unutilized. The funds were deployed for debt repayment at company and subsidiary levels, infrastructure development for a 4 GW solar PV manufacturing facility in Odisha, and general corporate purposes. Crisil Ratings Limited confirmed compliance with offer document disclosures and no deviations from stated objectives.
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Saatvik Green Energy Limited has released its monitoring agency report for the quarter ended December 31, 2025, providing detailed insights into the utilization of proceeds from its Initial Public Offer (IPO). The report, prepared by Crisil Ratings Limited and dated February 13, 2026, demonstrates the company's systematic deployment of funds across various strategic objectives.
IPO Proceeds Utilization Overview
The company successfully utilized Rs 3,169.58 million out of the total gross proceeds of Rs 7,000.00 million during Q3FY26. This represents significant progress in implementing the stated objectives outlined in the offer document.
| Parameter | Amount (Rs in million) |
|---|---|
| Total Gross Proceeds | 7,000.00 |
| Amount Utilized in Q3FY26 | 3,169.58 |
| Remaining Unutilized | 3,830.42 |
| Net Proceeds Available | 6,575.18 |
Detailed Fund Deployment
The proceeds were allocated across four primary categories as per the original offer document. The largest deployment was towards the subsidiary's debt repayment, followed by capital expenditure for the solar manufacturing facility.
| Object | Allocated Amount | Utilized in Q3FY26 | Remaining Balance |
|---|---|---|---|
| Company Debt Repayment | 108.19 | 100.07 | 8.12 |
| Subsidiary Debt Repayment | 1,664.36 | 1,664.36 | 0.00 |
| Solar Facility Setup | 4,772.27 | 1,020.31 | 3,751.96 |
| General Corporate Purposes | 30.36 | 12.72 | 17.64 |
| Issue Expenses | 424.82 | 372.12 | 52.70 |
Strategic Investments and Infrastructure Development
The company made substantial progress in establishing its 4 GW solar PV module manufacturing facility at Gopalpur Industrial Park, Odisha. During the quarter, Rs 1,020.31 million was deployed towards civil work, utilities, and other infrastructure requirements for this project. The facility represents a significant expansion of the company's manufacturing capabilities in the renewable energy sector.
For debt management, the company completed the full repayment of borrowings at its wholly owned subsidiary, Saatvik Solar Industries Private Limited, utilizing Rs 1,664.36 million. Additionally, Rs 100.07 million was used for repaying the company's own term loans, demonstrating effective debt optimization strategies.
Unutilized Proceeds Management
The company has deployed the unutilized proceeds of Rs 3,697.80 million across various fixed deposits with Axis Bank and HDFC Bank, earning returns ranging from 4.50% to 6.40%. The total market value of these investments, including accrued interest of Rs 42.68 million, stands at Rs 3,740.48 million as of December 31, 2025.
Compliance and Monitoring
Crisil Ratings Limited confirmed that all utilizations align with the disclosures in the offer document, with no deviations observed. The monitoring agency noted that the company maintained proper documentation and obtained necessary statutory auditor certifications from M/s Suresh Surana & Associates LLP. The report indicates no unfavorable events affecting the viability of the stated objects and confirms that general corporate purpose utilization remains within the prescribed 25% limit of gross proceeds.
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