Waaree Energies Limited — Others, 11-08-2025: Monitoring Agency Report

Waaree Energies' IPO fund utilization report shows a significant change in its manufacturing plans. The 6GW solar cell, module, and ingot wafer facility previously planned for Odisha will now be set up in Gujarat and Maharashtra, subject to shareholder approval. This shift also revises project completion timelines: solar modules by December 2025, solar cells by September 2027, and ingot wafers by March 2027. While the overall Rs. 3600 Cr IPO proceeds cost remains in line, Rs. 275 Cr for the initial setup is delayed. The company has securely parked Rs. 2835 Cr of unutilized funds in bank term deposits.