ACME Solar Holdings544283Routine SEBI update

Monitoring Agency Report: QIP proceeds used as per objects, deviation Nil for September 2026 quarter

CARE Ratings has shared its Monitoring Agency Report on ACME Solar's Qualified Institutions Placement (QIP) proceeds for the quarter ended September 30, 2026.

By ScoutQuest · Wed 28 Oct 2026, 9:44 PM IST · 2 min read

Issue Size: Rs. 2,800 crore QIP of equity shares
Deviation from Objects: Nil
Reporting Period: quarter ended September 30, 2026

Quarterly check on QIP money

The update is ACME Solar Holdings' submission of the Monitoring Agency Report prepared by CARE Ratings Limited for the quarter ended 09/30/2026. It covers the company's Qualified Institutions Placement of equity shares aggregating to Rs. 2,800 crore.

What the report says

Deviation from the objects of the issue: Nil. Range of deviation: Not Applicable.
Whether all utilisation is as per the disclosures in the Offer Document: Yes.
Whether any major deviation was observed over the earlier monitoring agency reports: No.
Whether the means of finance for the disclosed objects have changed: No.
Whether any favourable or unfavourable event is affecting the viability of the objects: No.
Whether there is any other relevant information that may materially affect investor decision making: No.

Where the money is

The Monitoring Agency's comment records that the proceeds from the issue have been partially utilised as per the objects of the issue, and that the unutilised amount has been parked as term deposits with scheduled commercial banks and balance in the monitoring account.

What the agency reviewed

The report lists the Management Certificate, CA Certificate, Placement Document and Bank Statements as the sources considered. CARE Ratings states that it does not perform an audit and does not independently verify the information or certifications it receives.

How to read the word "deviation"

The update sets out what counts as a material deviation — a deviation in the objects or purposes for which the funds were raised, or a deviation in the amount of funds actually utilised by more than 10% of the amount projected in the offer documents. Against these tests, the report records Nil deviation for the quarter.

What this means for a retail reader

This is a periodic status disclosure on the use of money raised from institutional investors, not a new fundraising or a fresh announcement of projects.
A Nil deviation comment indicates that, on the basis of the certificates and statements reviewed, the money has so far gone towards the stated objects, with the balance held in bank deposits and the monitoring account.

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