NTPC Green Energy Limited (NGEL), a subsidiary of NTPC Limited, has released the Monitoring Agency Report for the quarter ending December 31, 2024. The report, prepared by CARE Ratings Limited, provides an update on the utilization of funds raised through the company’s Initial Public Offering (IPO). The total IPO proceeds amount to ₹10,000 crore, which is being monitored as per SEBI regulations to ensure transparency and compliance.
According to the report, there have been no deviations from the planned utilization of funds as stated in the offer document. A significant portion of the proceeds, ₹7,500 crore, has been allocated to NTPC Renewable Energy Limited (NREL), a wholly owned subsidiary, for the repayment or prepayment of outstanding borrowings. As of December 31, 2024, ₹4,150 crore has been invested in NREL, with ₹4,107 crore utilized for debt repayment and ₹43 crore parked in fixed deposits for future payments. The remaining ₹3,350 crore is currently placed in fixed deposits.
In addition, ₹2,446.49 crore has been earmarked for general corporate purposes, of which ₹52.59 crore has been used for interest payments, while the remaining amount is kept in fixed deposits. IPO-related expenses accounted for ₹53.51 crore, with ₹21.77 crore already utilized and the rest placed in fixed deposits. The company has ensured that all funds are being used as per the approved plan, with unutilized funds securely parked in bank deposits.
The report confirms that all statutory approvals related to the utilization of funds have been obtained. There are no material deviations in expenditures, and no significant events have affected the viability of the planned objectives. NTPC Green Energy Limited has maintained compliance with SEBI’s disclosure norms and financial guidelines.
The Monitoring Agency Report also provides details on the financial instruments where unutilized funds are invested. As of the quarter-end, ₹5,750 crore was invested in fixed deposits with Canara Bank, yielding a return of 7.70%. An additional ₹43 crore was placed in Axis Bank fixed deposits for NREL, earning a 5.75% return. Other smaller amounts were maintained in fixed deposits and monitoring accounts.
The report highlights that NTPC Green Energy Limited is on track to meet its financial objectives as outlined in the IPO prospectus. The planned investments in renewable energy through its subsidiary NREL remain on schedule, with no delays reported. The company continues to focus on enhancing India’s renewable energy infrastructure by ensuring the optimal utilization of funds.
NTPC Green Energy Limited’s IPO was launched in November 2024, and its funds are being deployed systematically to support India’s clean energy transition. The company remains committed to maintaining transparency and financial discipline while executing its growth plans. The monitoring process ensures accountability in fund usage and reinforces investor confidence in the company’s strategic direction.
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