Vikram Solar files draft papers for IPO with fresh issue Rs 1,500 crore, OFS of 1.74 crore shares
Vikram Solar, one of the largest solar photo-voltaic modules manufacturers, has filed draft papers with the capital markets regulator SEBI for fund raising via initial share sale on September 30.
The IPO consists of fresh issue of Rs 1,500 crore worth shares, and an offer-for-sale of 1.74 crore equity shares by promoters Gyanesh Chaudhary, Vikram Capital Management, and Anil Chaudhary.
Promoters’ shareholding in the company stands at 77.64 percent, while the public shareholders including Arpit Khandelwal, and Asnu Finvest own 22.36 percent stake.
The solar solutions provider may consider raising Rs 300 crore funds via private placement (the pre-IPO placement). If the company raises funds in pre-IPO placement, the said amount will be reduced from the fresh issue.
The company intends to utilise Rs 793.4 crore out of the fresh issue proceeds for setting up of 3,000 MW solar cell and 3,000 MW solar module manufacturing facility by subsidiary VSL Green Power in Tamil Nadu, which is the Phase-I project, and Rs 603 crore for expanding the same solar module manufacturing facility from 3,000 MW to 6,000 MW which is the Phase-II project.
