September 28, 2021 / 07: 45 PM IST
Photo voltaic vitality participant Waaree Energies has filed draft papers for its initial public offering that features a contemporary deliver of Rs 1,350 crore and an provide for sale.
The provide for sale of 40,07,500 equity shares integrated share sale of 13,15,000 equity shares each by Hitesh Chimanlal Doshi, Virenkumar Chimanlal Doshi & Mahavir Thermoequip Pvt Ltd. Amongst other selling shareholders, Samir Surendra Shah will offload 40,000 equity shares, and Nilesh Gandhi Jointly with Drasta Gandhi will promote 22,500 equity shares.
Waaree Energies is the promoter of listed entity Waaree Renewable Applied sciences, whereby it holds 54.28 percent shareholding.
The company proposed to utilise catch proceeds from its contemporary deliver for constructing a 2 gigawatt (GW) each year solar cell manufacturing facility (Rs 910.3 crore) and a 1 GW each year solar PV module manufacturing facility (Rs 141.2 crore) in Degam village, Chikhli, Gujarat.
Waaree Energies could presumably withhold in mind fund elevating of Rs 270 crore through pre-IPO placement. If the pre-IPO placement is executed, the contemporary deliver size will likely be reduced accordingly.
It is miles judicious one of basically the most crucial avid gamers in the solar vitality trade in India centered on PV (characterize-voltaic) module manufacturing, with an combination attach aside in ability of 2 GW as of March 2021. The company currently operates three manufacturing facilities comprising four factories in India at Surat Tumb and Nandigram.
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The company offers EPC services and products, carrying out pattern, rooftop solutions and solar water pumps, presence in over 350 areas nationally and 68 international locations internationally.
It had reported revenue from operations at Rs 1,952.78 crore in the 12 months FY21, which was once lower when in comparison with Rs 1,995.78 crore in old 12 months. Within the identical duration, revenue increased to Rs 48.19 crore, from Rs 39.02 crore.
Axis Capital, HSBC Securities and Capital Markets (India), ICICI Securities and Intensive Fiscal Companies and products are appointed as e book working lead managers to the deliver.