Grace Renewable Energy Limited

Draft Red Herring Prospectus dated September 30, 2026

Summary

The IPO is an offer for sale of 27,85,000 shares by existing shareholders; Grace Renewable Energy Limited receives none of the money. The document does not yet state the price.

All the amounts stated for the objects go to funding of incremental Working Capital Requirement. The amount for general corporate purposes is not yet stated.

The review found 2 points to read closely and 15 worth checking.

Read closely

1. Finance and compliance heads are new or have turned over
2. High share of proceeds for working capital

How the capital was built

• The last priced issue of shares was on 27 Sept 2014: 40,000 shares to promoters and others at ₹10 each (₹4.44 in today's shares) (2 allottees); it came about 12 years before this prospectus.

Conclusion

Of the 2 points to read closely, 1 concerns the promoters, management and their dealings (finance and compliance heads are new or have turned over) and 1 concerns how the IPO money will be spent. These could not be scored automatically and need reading: group entities in the same business; promoters sold or transferred shares shortly before the IPO; material pre-IPO allotments to non-promoters. These wait for the price and the final share count: shares issued shortly before the IPO at a deep discount to the issue price; low promoter holding after the issue. The pages to read are 124 and 343.