12 February 2025, 03:24 PM
Rite Water Solutions (India) Ltd.
Nagpur-based Rite Water Solutions (India) has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs 745 crore through an initial public offering (IPO).
The IPO comprises a fresh issue of equity shares of up to Rs 300 crore with an offer for sale (OFS) component of shares aggregating to Rs 445 crore by the promoters and investor selling shareholder. Proceeds from the fresh issue amounting to Rs 225 crore, will be utilised to fund the company's working capital requirements and general corporate purposes. JM Financial, Axis Capital are the book-running lead managers to the issue. The company's shares are proposed to be listed on the NSE and BSE.
Rite Water Solutions is the only clean-tech company in India with a diverse offering for rural transformation, focused on water solutions, solar agriculture solutions, and internet of things (IoT) solutions for energy, agriculture, and water management sectors.