Alpex Solar deploys ₹162.27 crore; ₹97.90 crore uncalled

Alpex Solar Limited deployed ₹162.27 crore under its preferential placement by September 30, 2026, while the reported ₹97.90 crore balance was warrant consideration not yet called from holders. Seth & Seth Chartered Accountants certified that the deployed placement funds were used for stated objects, with no material deviation or variation identified.

How did Alpex Solar deploy preferential-placement proceeds?

Alpex Solar deployed ₹162.27 crore against the ₹260.17 crore subscribed preferential-placement programme by September 30, 2026. Plant and machinery accounted for the largest use at ₹76.27 crore, followed by ₹50 crore for working-capital requirements, ₹26.59 crore for building construction and ₹9.41 crore for general corporate purposes.

The preferential offer was made during the quarter ended September 2025 to identified investors at an issue price of ₹1,212 per equity share or warrant. Investors subscribed to ₹260.17 crore, while ₹99.38 lakh of the original ₹261.16 crore offer was not subscribed and consequently lapsed.

Working capital was the only fully deployed object by September 30, 2026, with the full ₹50 crore allocation used. The object-level balance was ₹21.01 crore for construction, ₹24.61 crore for plant and machinery and ₹52.28 crore for general corporate purposes, but the certificate treats their aggregate as uncalled warrant money rather than available funds.

Why is ₹97.90 crore shown as unutilised?

The ₹97.90 crore was not available to Alpex Solar on September 30, 2026 because it was the unpaid 75% consideration on fully convertible warrants. The company had received ₹32.63 crore, representing the initial 25% payable under the warrant terms, according to the private-placement utilisation certificate dated November 13, 2026.

The placement included 10,77,000 fully convertible warrants aggregating to ₹130.53 crore at ₹1,212 each. Warrant holders may convert them into an equivalent number of fully paid equity shares in one or more tranches within 18 months from allotment, and must pay the remaining 75% at the time of exercise.

This payment structure distinguishes the ₹97.90 crore from an unused cash balance. The certificate says the sum is consideration receivable upon warrant exercise and was therefore not available for deployment as at September 30, 2026; it does not say that Alpex Solar held this amount in cash.

How does Alpex Solar's IPO fund use compare?

Alpex Solar had used ₹66.01 crore of its ₹66.94 crore net initial public offering, or IPO, proceeds by September 30, 2026, leaving ₹92.50 lakh unutilised. Unlike the ₹97.90 crore placement balance, the IPO balance was an actual unutilised amount assigned to the aluminium-frame manufacturing-unit object.

The IPO-funded expansion of the existing solar-module manufacturing facility by 750 megawatts, or MW, was fully utilised at ₹19.56 crore. Working capital of ₹20.50 crore and general corporate purposes of ₹13.94 crore were also fully used, while ₹12.02 crore of the ₹12.95 crore aluminium-frame-unit allocation had been deployed.

The two funding pools differed in scale and in the nature of their remaining amounts. The preferential placement had ₹162.27 crore deployed across four objects but included ₹97.90 crore of future warrant consideration, whereas the IPO had a defined outstanding spend of ₹92.50 lakh for its aluminium-frame manufacturing project.

What did the auditor certify about Alpex Solar's fund use?

Seth & Seth certified no material deviation or variation in either the IPO or preferential-placement proceeds deployed up to September 30, 2026. Its IPO certificate covered ₹66.01 crore utilised against the February 12, 2024 prospectus, while its private-placement certificate covered ₹162.27 crore utilised against the September 10, 2025 offer document.

The certificates, both dated November 13, 2026, were prepared at management's request for compliance with Regulation 32 of the Securities and Exchange Board of India, or SEBI, Listing Obligations and Disclosure Requirements Regulations, 2015. The firm said it examined relevant documents to certify use against the stated objects, while also limiting the certificates to that compliance purpose.

The certification does not determine whether holders will exercise the warrants. It confirms the use of funds that had been deployed by September 30, 2026, while the future receipt of ₹97.90 crore remains subject to warrant holders exercising their conversion option within the stated 18-month period.

Conclusion

Alpex Solar's disclosures separate capital already deployed from warrant consideration that may be received later. The company used ₹162.27 crore of preferential-placement proceeds, led by ₹76.27 crore for plant and machinery and ₹50 crore for working capital, while the ₹97.90 crore reported balance was uncalled. IPO deployment was closer to completion, with ₹66.01 crore used and ₹92.50 lakh remaining for the aluminium-frame unit.

The next disclosed matters to watch are warrant exercises within the 18-month conversion window and the deployment of the remaining ₹92.50 lakh of IPO proceeds on the aluminium-frame unit. Alpex Solar also said commercial production at its 2.2 gigawatt G12R TOPCon third-generation solar-cell facility is expected to commence shortly, without specifying a date.