Gujarat Industries Power Company Limited — Others, 12-08-2025: Statement of deviation(s) or variation(s) under Reg. 32

Gujarat Industries Power Company Ltd. (GIPCL) confirmed there are no deviations in how it has used funds from its Preferential Issue. The company raised Rs 90 Cr specifically to set up a 75 MW Solar Power Plant at its Surat Lignite facility. As of the end of the last quarter, GIPCL has utilized Rs 55.68 Cr towards this project. The remaining Rs 34.32 Cr is unutilized and has been placed into short-term fixed deposits (Rs 33.50 Cr) and a separate bank account, ensuring prudent management of shareholder capital.