News ArticleACME Solar Holdings Confirms Compliant Use of Rs. 2,800 Crore QIP Proceeds in Latest Monitoring Report
No deviations found in fund utilization for quarter ended September 30, 2026; balance amount securely parked in term deposits
ACME Solar Holdings Limited filed a Monitoring Agency Report for the quarter ended September 30, 2026, confirming no deviations in the utilization of Rs. 2,800 crore raised via Qualified Institutions Placement (QIP). The company has partially utilized proceeds as per the issue objectives, with remaining funds held in term deposits at scheduled commercial banks, complying with SEBI regulations.
ACME Solar Holdings Limited
Legal / Regulatory
ACME Solar Holdings Limited's monitoring agency, CARE Ratings Limited, has confirmed that the Rs. 2,800 crore raised through its Qualified Institutions Placement (QIP) has been utilized in accordance with the disclosed objectives, with no deviations as of September 30, 2026.
The report submitted on October 28, 2026, covers the quarter ended September 30, 2026 and complies with SEBI's Listing Obligations and Disclosure Requirements and Issue of Capital and Disclosure Requirements regulations.
The funds raised via QIP, completed between January 6 and April 6, 2026, include Rs. 2,100 crore allocated for repayment of borrowings and Rs. 662.90 crore earmarked for general corporate purposes such as capital expenditure, strategic initiatives, and working capital.
According to CARE Ratings Limited, the utilized proceeds align fully with the offer documents, and the remaining amount is maintained in term deposits with scheduled commercial banks and a monitoring account to ensure transparent and secure fund management.
No material deviations or changes in the means of finance were observed compared to previous monitoring reports, and there were no unfavorable events affecting the viability of the use of proceeds.
Highlights
- Rs. 2,800 crore raised through Qualified Institutions Placement by ACME Solar Holdings
- Monitoring Agency Report covers quarter ended September 30, 2026
- No deviation from the objectives disclosed in the offer documents
- Partial utilization of funds with balance in term deposits at scheduled commercial banks
- Funds allocated for loan repayment and general corporate purposes
- No material changes or adverse events affecting fund deployment reported
Key Data Snapshot
What happened
- ACME Solar Holdings Limited raised Rs. 2,800 crore through a Qualified Institutions Placement (QIP) completed between January and April 2026.
- CARE Ratings Limited served as the monitoring agency for the QIP proceeds.
- For the quarter ended September 30, 2026, the monitoring agency verified and reported that there were no deviations from the utilization objectives disclosed in the offer documents.
- The company partially utilized the proceeds as planned while parking the unutilized amount in term deposits with scheduled commercial banks and the monitoring account.
Key details
- The QIP funds are allocated mainly for repayment or pre-payment of borrowings (Rs. 2,100 crore) and for general corporate purposes (Rs. 662.90 crore).
- General corporate purposes include capital expenditure, strategic initiatives, partnerships, joint ventures, acquisitions, investments in subsidiaries, working capital, logistics, installation expenses, freight, accessories, and other operational expenditures.
- No material deviations or changes in the means of finance have been reported compared to prior monitoring periods.
- No unfavorable events impacting project viability or use of proceeds were noted during the quarter.
Regulatory and governance context
- The report was submitted in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
- Monitoring agency duties and reporting are pursuant to Regulation 173A of SEBI (Issue of Capital and Disclosure Requirements) Regulations.
- The monitoring agency confirms that it performed its duties based on verification of information provided by the issuer, without conducting an independent audit.
- The report includes a certification by CARE Ratings Limited ensuring objective and reliable monitoring within the scope of their mandate.
Highlights
- Rs. 2,800 crore raised through Qualified Institutions Placement by ACME Solar Holdings
- Monitoring Agency Report covers quarter ended September 30, 2026
- No deviation from the objectives disclosed in the offer documents
- Partial utilization of funds with balance in term deposits at scheduled commercial banks
- Funds allocated for loan repayment and general corporate purposes
- No material changes or adverse events affecting fund deployment reported
Disclosures
- SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
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