CMClean Max Enviro Energy Solutions544717Routine SEBI update

No deviation or variation in IPO fund utilisation for quarter ended 30 September 2026

Clean Max Enviro Energy Solutions shared its quarterly statement on use of IPO proceeds for the quarter ended 30 September 2026, with the Monitoring Agency Report from CARE Ratings Limited.

By ScoutQuest · Tue 3 Nov 2026, 10:11 PM IST · 2 min read

Amount Raised

3,079.88 Crores (allotment 26 February 2026)

Deviation or Variation in Use of Funds

Nil

Monitoring Agency Issue Size

CARE Ratings report refers to an issue size of Rs. 1,202.98 crore

Quarterly check on how the IPO money was used

The update contains two parts: the company's statement of deviation or variation in utilisation of IPO proceeds for the quarter ended 30 September 2026, and the Monitoring Agency Report for the same quarter issued by CARE Ratings Limited.

What the company's statement says

• Is there a deviation or variation in use of funds raised: No
• Whether all utilisation is as per the disclosures in the Offer Document: Yes
• Comments of the Audit Committee after review: Nil
• Comments of the auditors: Nil
• Amount raised: 3,079.88 Crores, with allotment date 26 February 2026
• Mode of fund raising: Public Issue - Initial Public Offering

The monitoring agency's view

CARE Ratings Limited, acting as Monitoring Agency, reports deviation from the objects as Nil and range of deviation as not applicable. It notes that the proceeds from the IPO have been partially utilised and that the unutilised balance remains in the allotment account as required under applicable regulations. The report is based on a CA Certificate, Management Certificate, Board Resolution and Bank Statements.

Issue details in the monitoring report

• Issue size: Rs. 1,202.98 crore
• Fresh shares offered: 1,14,25,906 shares aggregating to Rs. 1,200.00 crore
• Issue period: 02/23/2026 to 02/25/2026
• Type of specified securities: Equity Shares
• Sector: Power Generation

One point the monitoring report records

The shares earmarked for employees at a discount were under subscribed. Those shares were opened for the public, which was fully subscribed at par.

Why this matters to a retail investor

A "deviation" would mean IPO money was used for something other than the stated objects, or that those objects were changed. For this quarter, both the company and the monitoring agency report no deviation and no variation. The update is a periodic account of how raised money is being spent, and it also notes a portion of the proceeds is still unutilised and held in the allotment account.

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