01 October 2024, 03:24 PM
Vikram Solar has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs 1,500 crore through an initial public offering (IPO). The initial share sale will include fresh issues of equities worth up to Rs 1,500 crore and an offer for sale (OFS) of up to 17.45 million shares by its promoter group.
The company plans to use the proceeds amounting to Rs 793.36 crore for capital expenditure through investment in its wholly-owned subsidiary VSL Green Power for setting up a 3,000-MW solar cell and module manufacturing facility. Additionally, Rs 602.95 crore has been earmarked for expanding the existing solar module manufacturing facility from 3,000 MW to 6,000 MW, along with allocations for general corporate purposes. J M Financial, Nuvama Wealth Management, UBS Securities, Equirus Capital and PhillipCapital are book-running lead managers for the IPO.
Vikram Solar is one of India’s largest module manufacturers, in terms of operational capacity, with 3.5 GW of installed manufacturing capacity for solar PV modules, producing N-TOPCon, mono PERC, bifacial & monofacial and polycrystalline PV modules across its factories located at Falta SEZ, Kolkata, West Bengal and at Oragadam in Chennai, Tamil Nadu.