Sebi approves Waaree Energies’ IPO launch. Waaree Energies makes solar panels
News Mania Desk/ Piyal Chatterjee / 23rd September 2024
The largest manufacturer of solar panels in the nation, Waaree Energies, got permission from market regulator Sebi on Monday to launch its initial public offering (IPO). The business had on December 29 of last year submitted draft IPO documents. The company is offering up to 32,00,000 equity shares at a face value of Rs 10 each for sale, in addition to a new issue of equity shares worth up to Rs 3,000 crore.
Intensive Fiscal Services Private Limited, SBI Capital Markets Limited, Jefferies India Private Limited, Axis Capital Limited, IIFL Securities Limited, Nomura Financial Advisory and Securities (India) Private Limited, and ITI Capital Limited are the issue’s book-running managers.
“The offer for sale comprises of up to 2,700,000 Equity Shares by Waaree Sustainable Finance Pvt Ltd (formerly known as Mahavir Thermoequip Pvt Ltd) (Promoter Selling Shareholder), up to 450,000 equity shares by Chandurkar Investments Pvt Ltd and up to 50,000 equity shares by Samir Surendra Shah (Other Selling Shareholders), respectively,” the company release stated.
“The company proposes to utilise the net Proceeds towards part financing the cost of establishing the 6GW of Ingot Wafer, Solar Cell and Solar PV Module manufacturing facility in Odisha, India as well as for general corporate purposes,” it added.
On its website, the company states that it started up in 2007 and concentrated on producing solar PV modules in order to offer high-quality, reasonably priced sustainable energy solutions to a variety of industries and help lower carbon emissions. Waaree is a global company with four solar module production plants located in India.
