India IPO Pipeline SEBI Regulatory Filings — October 10, 2026

Board approved a 1.2 GW greenfield solar cell plant at Karnal via subsidiary, a new line of business, with INR 1,598.50 million of unutilised IPO proceeds to be redirected and deployment extended to FY2028

Only 75.02% of IPO proceeds used as of October 8, 2026 (INR 2,102.45 million unutilised), with the Funding of Capex object 40.22% utilised for the subsidiary investment, indicating deployment behind schedule

Remaining unutilised INR 503.95 million (general/capex object) continues toward original objects, with capex deployment extended to FY2027, signalling timeline slippage on the existing plan

Strategic pivot into solar cell manufacturing could provide diversification beyond pumps if shareholders approve the postal ballot and regulatory approvals are secured

Board meeting on October 12, 2026 to consider unaudited standalone and consolidated results for quarter and half year ended September 30, 2026, subject to limited review, with no financial figures disclosed yet

Board to consider declaring unitholder distributions for the quarter ended September 30, 2026, a potential near-term income catalyst for REIT unitholders

INR 2,102.45 million (24.98% of proceeds) still unutilised as at October 8, 2026, with the capex object only 40.22% utilised, raising execution risk

INR 1,598.50 million being redirected away from the Aluminium Frame Facility, EVA Encapsulant and Solar Module capacity into a new solar cell plant, which may dilute the originally disclosed use of proceeds

Capex deployment pushed from original schedule to FY2027 and the solar cell plant deployment extended to FY2028, indicating repeated slippage in project timing

Variation depends on statutory/regulatory approvals and postal ballot shareholder approval, with the notice not yet issued, so outcome and timing are uncertain

Investment routed through wholly owned subsidiary Oswal Solar Energy Private Limited for a new business line with no disclosed financial track record in the filing

Filing contains no reported financial figures, so the distribution quantum and underlying performance cannot be assessed before the October 12 Board meeting

Board to consider unitholder distributions for quarter ended September 30, 2026 at the October 12, 2026 meeting, offering a potential income event for REIT investors

Half-year results for period ended September 30, 2026 will be disclosed after limited review, providing the first quantitative read on the scheme's performance

Entry into 1.2 GW solar cell manufacturing could re-rate the company if execution succeeds, leveraging the existing solar module and EVA encapsulant operations

Redirecting proceeds from aluminium frame, EVA encapsulant and module capacity into cells may create an integrated solar value chain if approvals are granted

Shareholder vote on the object variation is a near-term event; approval would unlock the INR 1,598.50 million redeployment and clarify the revised roadmap

Oswal Pumps is redirecting unutilised IPO proceeds from originally disclosed objects to a new line of business, a pattern that warrants scrutiny of use-of-proceeds disclosures in the India IPO pipeline

Oswal's capex deployment extended to FY2027 and the solar project to FY2028, with only 40.22% of the capex object utilised, suggesting project execution lag is a recurring risk for newly listed issuers

Oswal's move into solar cell manufacturing reflects capital flowing from traditional engineering (pumps) toward the India solar manufacturing build-out

PropShare Titania's quarterly results and distribution declaration reflect the periodic income-distribution rhythm of listed REIT schemes, relevant for unitholder yield expectations

Results for quarter and half year ended September 30, 2026 and unitholder distribution decision at Board meeting on October 12, 2026 (BSE scrip PSTitania, code 544462)

Shareholder approval of the IPO proceeds variation and solar cell plant; postal ballot notice yet to be issued, so watch for its date and voting outcome

Statutory and regulatory clearances required for the object variation and the Karnal solar cell plant, timing not disclosed

Quarterly disclosures on deployment of the INR 2,102.45 million unutilised balance, particularly the 40.22% utilisation of the capex object

Milestones on the 1.2 GW Karnal greenfield plant against the FY2028 deployment timeline

Quantum of unitholder distributions declared for the quarter, as a yield indicator once figures are published