The proposed IPO is a combination of issue of fresh shares worth Rs 850 crore and an offer for sale (OFS) of Rs 300 crore by promoters.
Another company is preparing to join the queue in the world of IPO. Yes, solar panel manufacturer Satvik Green Energy has filed draft papers (initial documents) with capital markets regulator SEBI to raise Rs 1,150 crore through IPO. The company is preparing to raise funds of Rs 1150 crore from the market through IPO. According to the draft red herring prospectus (DRHP) filed on Monday, the Haryana-based company’s proposed IPO is a combination of an issue of new shares worth Rs 850 crore and an offer for sale (OFS) worth Rs 300 crore by promoters, PTI reported.
Promoters hold more than 90 percent stake
According to the news, at present the promoters of the company hold more than 90 percent stake. Satvik Green Energy will utilize the funds raised to repay debt, invest in its subsidiary Satvik Solar Industries in the form of debt or equity, set up a 4 GW solar PV module manufacturing facility in Odisha and for general corporate purposes. . Satvik Green Energy is a solar photovoltaic module manufacturer with an operating capacity of approximately 1.8 GW by June 30, 2024.
The company provides this service
Satvik Green Energy provides end-to-end engineering, procurement and construction services for solar projects, including ground-mounted solar installations and rooftop solar installations. According to the CRISIL report cited in draft papers, renewable energy installations (including large hydro) are expected to grow to about 191 GW by March 2024 from 63 GW in March 2012, with solar power accounting for 43 per cent by March 2024.
Who is the book-running lead manager of the issue?
In FY2024, solar capacity is expected to increase by 15 GW, including 3 GW from grid-connected rooftop solar projects. India has the potential to support 750 GW of solar power installations and several incentives and schemes are being introduced to encourage the development of solar power plants. Dam Capital Advisors, Ambit and Motilal Oswal Investment Advisors are the book-running lead managers to the issue.
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