Premier Energies sets price band

Hyderabad: Solar cell and module manufacturer Premier Energies Ltd on Thursday said it has fixed a price band of Rs 427-450 a share for its Rs 2,830-crore initial public offering (IPO). The initial share-sale will open on August 27 and conclude on August 29 and the bidding for anchor investors will open for a day on August 26, the Hyderabad-based company said. The IPO is a combination of a fresh issue of equity shares aggregating up to Rs 1,291.4 crore and an offer-for-sale (OFS) of up to 3.42 crore shares, by the selling shareholders, valued Rs 1,539 crore at the upper end of the price band. This takes the total issue size to Rs 2,830 crore. Under the OFS component, South Asia Growth Fund II Holdings LLC will divest 2.68 crore shares, South Asia EBT will offload 1.72 lakh shares and promoter Chiranjeev Singh Saluja will sell 72 lakh shares. Proceeds from the fresh issue to the tune of Rs 968.6 crore will be allocated for investment in the company’s subsidiary, Premier Energies Global Environment Pvt Ltd, for part-financing the establishment of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Hyderabad and towards general corporate purposes.