Clean Max Enviro Energy Solutions Confirms No Deviation in IPO Fund Utilization as of June 3026
Clean Max Enviro Energy Solutions Limited has confirmed that the utilization of funds raised through its Initial Public Offering (IPO) for the quarter ended June 3026 aligns with the original objects outlined in the offer document. The company reported zero deviation regarding the use of IPO proceeds, as certified by monitoring agency CARE Ratings Limited.The IPO was successfully completed on February 262026, raising a total amount of 3,079.88 Crores. This information is part of the routine monitoring process overseen by CARE Ratings Limited for the specified period.
Monitoring Agency Report Highlights
CARE Ratings Limited conducted a review of the funds utilization as of June 3026. The agency reported that no deviation was observed concerning the expenditure of proceeds raised through the public issue of equity shares.The financial progress against the planned objects is detailed below:
| Item Head | Amount Proposed in Offer Document (Rs. Crore) | Revised Cost (Rs. Crore) | Amount Utilised (Rs. Crore) | Total Unutilised Amount (Rs. Crore) |
|---|---|---|---|---|
| Repayment and pre payment of borrowings | 1,122.67 | 1,122.67 | 1,122.67 | - |
| General corporate purposes (GCP) | 23.78 | 26.58 | 26.58 | - |
| Offer expenses | 53.54 | 53.73 | 41.66 | 12.07 |
The total funds utilized as of the end of the quarter amounted to 1,190.91 Crores against a maximum planned amount of 1,202.98 Crores. The unutilized balance stands at 12.07 Crores, which is currently deployed in the public offer account.
Deployment and Timelines
The monitoring agency report also provided insight into the progression and timelines related to the utilization objectives.Key Utilization Status:
- Repayment of Borrowings: The objective planned for FY26 was progressed to Q1FY27, marking a delay of 2 days.
- General Corporate Purposes (GCP): The objective planned for FY26 is scheduled for utilization in Q1FY27, reflecting a delay of 3 months.
The company has utilized the full amount allocated for General Corporate Purpose (GCP). Within this allocation, payment of project costs totaling 29.95 Crores was made to a vendor, out of which 3.37 Crores came from own funds.
Unutilized Proceeds:
The unutilized balance of 12.07 Crore is held in the public offer account, and there were no adverse events reported that would materially affect investor decision making regarding this funding tranche. The board has noted that if the entire amount cannot be utilized in FY26, the residual funds will be utilized in subsequent fiscal years, subject to applicable law.
CLEANMAX Stock Price Movement
On Friday, Clean Max Enviro Energy Solutions Limited shares edged higher, closing at ₹1335.6 after gaining 2.48%. The stock traded throughout the day on a volume of 265,039 shares, hitting a high of ₹1355.5 and finding a low near ₹1280.1.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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