ACME Solar to mobilise Rs3,000 cr
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New Delhi: Renewable energy firm ACME Solar Holdings Ltd has filed preliminary papers with capital markets regulator Sebi to raise Rs 3,000 crore through an initial public offering (IPO).The Gurugram-based company’s proposed IPO is a combination of fresh issue of shares worth Rs 2,000 crore and an offer for sale (OFS) of shares valued Rs 1,000 crore by ACME Cleantech Solutions, according to the draft red herring prospectus (DRHP). The offer also includes a reservation for a subscription by eligible employees.
The company may consider issue of securities to the tune of up to Rs 400 crore as a “pre-IPO placement”. If such placement is completed, the fresh issue size will be reduced. The renewable energy firm intends to utilize the proceeds from the fresh issuance to the extent of Rs 1,500 crore towards payment of debt, besides a portion of funds will be used for general corporate purposes.
ACME Solar develops, builds, owns, operates, and maintains utility-scale renewable energy projects through its in-house engineering, procurement, and construction (EPC) division, as well as its operation and maintenance (O&M) team.
