Vikram Solar: IPO Proceeds Utilization Report for Q1FY27 Shows No Deviation
Vikram Solar's Q1FY27 Monitoring Agency Report confirms no deviation in IPO proceeds utilization. The company utilized ₹2,812.39 crore during the quarter. Project implementation faces a 3-month delay for Phase-I and Phase-II expansions. Unutilized funds of ₹6,976.64 crore are held in FDs.
The report pertains to the utilization of IPO proceeds and project implementation, which are crucial for the company's growth and investors' confidence. While no major deviations are reported, project delays can impact future performance.
The report confirms no deviation in IPO proceeds utilization, which is positive. However, it also highlights delays in project implementation and pending approvals, indicating potential concerns.
Vikram Solar Limited (VSL) has submitted its Monitoring Agency Report for the quarter ended June 30, 2026 (Q1FY27) concerning the utilization of its Initial Public Offer (IPO) proceeds. The report, issued by India Ratings & Research Private Limited, confirms no deviation from the stated objects of the IPO.
The company's IPO, which took place from August 19-21, 2025, raised ₹15,000 million (approximately ₹1,500 crore) through a fresh issue of 4,51,80,722 equity shares at ₹332 per share. The total issue size, including an offer for sale, was ₹20,793.69 million (approximately ₹2,079.37 crore).
During Q1FY27, VSL utilized ₹2,812.39 crore of the IPO proceeds. The total utilization for the Phase-I project (setting up of an integrated 3,000 MW solar cell and 3,000 MW solar module manufacturing facility) was ₹4,740.13 crore, and for the Phase-II project (expanding the module manufacturing capacity to 6,000 MW) was ₹2,068.18 crore. General Corporate Purposes accounted for ₹495.49 crore, and offer-related expenses were ₹817.77 crore.
While no deviation from the IPO's objects was observed, the report notes a delay in the deployment and implementation schedule. The original timelines for Phase-I (Module 3 GW) and Phase-II (Module 3 GW) were March 2026, now revised to June 2026, indicating a 3-month delay. Similarly, the Phase-I (Cell 3 GW) timeline has been extended from September 2026 to December 2026, also a 3-month delay. The company has secured necessary approvals for the current project stages, although the Consent to Operate is still pending. Unutilized IPO proceeds amounting to ₹6,976.64 crore were deployed in Fixed Deposits with various banks, with maturity dates ranging up to January 2027.
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