World set to install 593 GW of new solar in 2024 - Ember
Sep 19, 2024 13:28 CESTIndian photovoltaic (PV) module maker Vikram Solar Ltd has filed draft papers as part of a plan to go public via an initial public offering (IPO) in its home country.
A draft red herring prospectus for the transaction has been submitted with the Securities Exchange Board of India (SEBI). Under the deal, Vikram Solar intends to launch a fresh issue of INR 15 billion (USD 196.9m/EUR 178.5m) worth of shares and sell up to five million equity shares by existing shareholders and promoters through an offer for sale (OFS).
According to local media reports, quoting bankers, the size of the IPO will likely stand at around INR 20 billion. Vikram Solar indicates in the prospectus it is considering a pre-IPO placement to raise some INR 3 billion.
The fresh capital is aimed at supporting the Indian manufacturer’s plan to install a 2-GW solar cell and module production plant in Tamil Nadu. The capacity will add to the two existing production sites of Vikram Solar, which have a combined capacity of 1.2 GW, in Tamil Nadu and West Bengal.
At present, Vikram Solar is India’s largest PV manufacturer in terms of production capacity. The Kolkota-based firm also offers engineering, procurement and construction (EPC) and operations and maintenance (O&M) services.
JM Financial and Kotak Mahindra Capital Co Ltd have been appointed lead managers to the proposed placement.
(INR 10 = USD 0.131/EUR 0.119)
World set to install 593 GW of new solar in 2024 - Ember
Sep 19, 2024 13:28 CESTNTPC’s green energy arm eyes USD 1.2bn from Indian IPO
Sep 19, 2024 11:52 CESTFirst Solar plans USD-299m upgrade at Indian module factory - report
Sep 19, 2024 11:41 CESTIndian govt to offload 7% stake in renewables lender IREDA
Sep 19, 2024 9:05 CESTInsolation Energy breaks ground on 3-GW Indian PV factory
Sep 17, 2024 13:23 CESTGlobal wind turbine order intake hits record 91.2 GW in H1
Sep 17, 2024 10:03 CEST