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SOLARA ACTIVE PHARMA SCIENCES LIMITED — Capital/Financing Update 2026
May 15, 2026
61842_rns_2026-05-15_4995782c-97d0-45ad-aca7-ac8755381d57.pdf
Capital/Financing Update
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SOLARA
Active Pharma Sciences
Corporate Office:
Solara Active Pharma Sciences Limited
TICEL Bio Park, 6th Floor,
Module No. 601, 602, 603, Phase II – CSIR Road,
Taramani, Chennai, Tamil Nadu – 600113.
Tel: +91 44 4344 6700
Fax: +91 44 47406190
E-mail: [email protected]
Website: www.solara.co.in
Date: May 15, 2026
| The BSE Limited
Phiroze Jeejeebhoy Towers
Dalal Street, Mumbai – 400 001 | The National Stock Exchange of India Limited
Exchange Plaza, C-1, Block G, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051 |
| --- | --- |
Scrip Code: 541540, 890202
Symbol: SOLARA, SOLARAPP1
Dear Sir / Madam,
Sub: Disclosure in terms of Regulation 32(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) – “Utilization of Proceeds & Statement of Deviation / Variation” of Solara Active Pharma Sciences Limited
As per the provisions of Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby confirm that there is no deviation or variation in use of proceeds raised through Rights Issue.
The above referred Statement of Utilization of Proceeds & Statement of Deviation / Variation, for the quarter ended March 31, 2026, was placed before the Audit Committee of the Company, at its meeting held today i.e., Friday, May 15, 2026, wherein the Audit Committee has noted the same and approved for submission with the Stock Exchanges, without any comments thereon.
This is for your information and records.
Thanking you,
Yours faithfully,
For Solara Active Pharma Sciences Limited
POOJA JAYA KUMAR
Digitally signed by POOJA JAYA KUMAR
Date: 2026.05.15
14:28:30 +05'30'
Pooja Jaya Kumar
Company Secretary & Compliance Officer
Membership No: A57415
Solara Active Pharma Sciences Limited - CIN: L24230MH2017PLC291636
Registered Office: 9th Floor, 'Cyber One', Unit No. 902, Plot No. 4 & 6, Sector 30A, Vashi, Navi Mumbai - 400 703 / Tel: +91-22-20870033
SOLARA
Active Pharma Sciences
Corporate Office:
Solara Active Pharma Sciences Limited
TICEL Bio Park, 6th Floor,
Module No. 601, 602, 603, Phase II – CSIR Road,
Taramani, Chennai, Tamil Nadu – 600113.
Tel: +91 44 4344 6700
Fax: +91 44 47406190
E-mail: [email protected]
Website: www.solara.co.in
Annexure- A
Reg. 32 - Statement of Deviation / Variation in utilization of funds raised
| Name of listed entity | Solara Active Pharma Sciences Limited |
|---|---|
| Mode of Fund Raising | Rights Issue |
| Date of Raising Funds | March 04 2026 |
| (date of noting receipt of 1st call Money pursuant to 2nd reminder notice) | |
| Amount Raised (In crores) | Rs. 309.79 Crores |
| Report filed for Quarter ended | March 31 2026 |
| Monitoring Agency | Applicable |
| Monitoring Agency Name, if applicable | CRISIL Ratings Limited |
| Is there a Deviation / Variation in use of funds raised | No |
| If yes, whether the same is pursuant to change in terms of a contract or objects, which was approved by the shareholders | Not applicable |
| If Yes, Date of shareholder Approval | Not applicable |
| Explanation for Deviation / Variation | Not applicable |
| Comments of the Audit Committee after review | No comments from the Audit Committee |
| Comments of the auditors, if any | Not applicable |
| Objects for which funds have been raised and where there has been a deviation, in the following table | |
| --- | --- |
| Original Object | Modified Object, if any |
| Repayment or Pre-payment in full or part of certain outstanding Borrowings availed by the Company. | Nil |
Solara Active Pharma Sciences Limited - CIN: L24230MH2017PLC291636
Registered Office: 9th Floor, 'Cyber One', Unit No. 902, Plot No. 4 & 6, Sector 30A, Vashi, Navi Mumbai - 400 703 / Tel: +91-22-20870033
SOLARA
Active Pharma Sciences
Corporate Office:
Solara Active Pharma Sciences Limited
TICEL Bio Park, 6th Floor,
Module No. 601, 602, 603, Phase II – CSIR Road,
Taramani, Chennai, Tamil Nadu – 600113.
Tel: +91 44 4344 6700
Fax: +91 44 47406190
E-mail: [email protected]
Website: www.solara.co.in
| General Corporate Purpose (CGP) | Nil | 111.57 Crores | Rs. 112.24 Crores | Rs. 74.97 Crores (During the quarter, Company did not utilise any amount) | Nil | The amount utilised for general corporate purposes does not exceed 25% of the Gross Proceeds (amounting to Rs 112.49 crore) from the Fresh Issue. Surplus issue related expenses of Rs. 0.67 crore were added to GCP. |
|---|---|---|---|---|---|---|
Note:
The Rights Equity Shares were issued as partly paid-up and an amount of Rs. 131.25 per Rights Equity Share has been received on application (of which Rs. 3.5 towards face value of Rights Equity Share and Rs. 127.75 towards premium amount of Rights Equity Share).
On March 26, 2025, the Rights Issue Committee approved the Rights Issue First Call of Rs.131.25 per Rights Share (Rs.3.50 face value and Rs.127.75 securities premium) for 1,19,98,755 partly paid Rights Shares, as per the Letter of Offer dated May 09, 2024. The First Call payment window was open from April 16, 2025 to April 30, 2025. The Rights Issue Committee on May 06, 2025, took note of receipt of 1st call money amounting Rs.149.49 crores and approved conversion of 1,13,89,767 partly paid shares of Rs. 3.5 per shares to partly paid of Rs. 7 per shares.
On July 01, 2025, Company issued First reminder notice for payment of 1st call Money. The First Call payment window (pursuant to First reminder notice) was open from Monday, July 07, 2025 to Monday July, 21, 2025. The Rights Issue Committee on August 16, 2025, took note of receipt of 1st call money amounting Rs. 4.88 crores and approved conversion of 3,71,779 partly paid shares of Rs. 3.5 per shares to partly paid of Rs. 7 per shares.
On February 04, 2026, Company issued Second reminder notice for payment of 1st call Money. The First Call payment window (pursuant to First reminder notice) was open from Thursday, 5 February, 2026 to Thursday, 19 February, 2026. The Rights Issue Committee on March 04, 2026, took note of receipt of 1st call money amounting Rs. 0.93 crores and approved conversion of 71,402 partly paid shares of Rs. 3.5 per shares to partly paid of Rs. 7 per shares.
Out of the funds raised on 1st Call amounting to Rs. 155.31 crores:
- Rs. 154.10 Crores has been utilised.
- Rs. 0.01 crores is held at Rights issue allotment account (Escrow account), will be transferred to the Monitoring account and will be utilized in the upcoming quarters.
- Rs. 1.20 crores held at Monitoring account and will be utilized in the upcoming quarters.
- During the quarter, Company did not utilise any amount.
As on March 31, 2026, total funds received from the Rights Issue was Rs. 309.79 crores including collection towards First Call of Rs. 155.31 Crore. Out of the total funds received as on March 31, 2026, Rs. 1.20 was held in the monitoring agency account and was yet to be utilized.
Solara Active Pharma Sciences Limited - CIN: L24230MH2017PLC291636
Registered Office: 9th Floor, 'Cyber One', Unit No. 902, Plot No. 4 & 6, Sector 30A, Vashi, Navi Mumbai - 400 703 / Tel: +91-22-20870033
SOLARA
Active Pharma Sciences
Corporate Office:
Solara Active Pharma Sciences Limited
TICEL Bio Park, 6th Floor,
Module No. 601, 602, 603, Phase II – CSIR Road,
Taramani, Chennai, Tamil Nadu – 600113.
Tel: +91 44 4344 6700
Fax: +91 44 47406190
E-mail: [email protected]
Website: www.solara.co.in
Deviation or variation could mean:
(a) Deviation in the objects or purposes for which the funds have been raised or
(b) Deviation in the amount of funds actually utilized as against what was originally disclosed or
(c) Change in terms of a contract referred to in the fund-raising document i.e. prospectus, letter of offer, etc
For Solara Active Pharma Sciences Limited
POOJA JAYA
KUMAR
Digitally signed by
POOJA JAYA KUMAR
Date: 2026.05.15
14:29:20 +05'30'
Pooja Jaya Kumar
Company Secretary & Compliance Officer
Membership No: A57415
Solara Active Pharma Sciences Limited - CIN: L24230MH2017PLC291636
Registered Office: 9th Floor, 'Cyber One', Unit No. 902, Plot No. 4 & 6, Sector 30A, Vashi, Navi Mumbai - 400 703 / Tel: +91-22-20870033