Oswal Solar to Set Up 1.2 GW Solar Cell Plant; IPO Proceeds Use Varied

Oswal Pumps Ltd announced that its wholly-owned subsidiary, Oswal Solar Energy Private Limited, will establish a greenfield 1.2 GW solar cell plant in Karnal, Haryana. The board also approved variations in the utilization of IPO proceeds and modification of the time limit for their use. The company had initially planned to use IPO proceeds for capital expenditure, investment in Oswal Solar for manufacturing units and debt repayment, and general corporate purposes. A significant portion of the unutilized IPO funds, INR 1,598.50 million, will now be directed towards setting up the solar cell manufacturing plant. The timeline for deploying net proceeds for certain capital expenditures is extended to FY2027.