Solar energy player Waaree Energies has filed draft papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).
The issue comprises a fresh issue of equity shares aggregating to Rs 1,350 crore and an offer for sale (OFS) of 40,07,500 equity shares by existing shareholders and promoters, according to the draft red herring prospectus (DRHP).
The OFS consists of the sale of 13,15,000 equity shares each by Hitesh Chimanlal Doshi, Virenkumar Chimanlal Doshi and Mahavir Thermoequip Pvt Ltd and up to 40,000 by Samir Surendra Shah and up to 22,500 equity shares by Nilesh Gandhi Jointly with Drasta Gandhi.
Proceeds from fresh issuance worth Rs 978.36 crore and Rs 184.23 crore will be utilised to finance the cost of setting up a 2 gigawatt (GW) per annum solar cell manufacturing facility and a 1 GW per annum solar PV module manufacturing facility in Chikhli, Gujarat.
The remaining proceeds will be used for general corporate purposes.
Waaree Energies is one of the major players in the solar energy industry in India focused on PV module manufacturing, with an aggregate installed capacity of 2 GW as of March 31, 2021.
The company currently operates three manufacturing facilities comprising four factories in India at Surat, Tumb and Nandigram.
Axis Capital Ltd, HSBC Securities and Capital Markets (India) Pvt Ltd, ICICI Securities Ltd and Intensive Fiscal Services Pvt Ltd are the book running lead managers to the issue.
(With inputs from PTI)