Solar cell maker Premier Energies files IPO papers to raise more than Rs 1,500 crore
Premier Energies Limited, India’s second largest integrated solar cell and solar module manufacturer has filed the draft red herring prospectus (DRHP) with capital markets regulator, SEBI to raise more than Rs 1,500 crore through an initial public offering (IPO).
The IPO consists of a fresh issue of equity shares aggregating up to Rs 1500 crore and an Offer for Sale (OFS) of up to 2,82,00,000 shares by the selling shareholders.
Under the offer for sale component, South Asia Growth Fund II Holdings LLC will divest 2,38,46,400 equity shares and South Asia EBT Trust will divest 1,53,600 equity shares and promoter Chiranjeev Singh Saluja will sell 42,00,000 equity shares.
The company, in consultation with the BRLMs, may consider a pre-IPO placement of specified securities for up to Rs 300 crores. If the Pre-IPO placement is undertaken, the fresh issue will be reduced to the extent of such pre-IPO placement.
Premier Energies proposes to utilize the net proceeds of the fresh issue towards investment worth Rs 1,168 crores in its subsidiary, Premier Energies Global Environment Private Limited (PEGEPL) for part-financing the establishment of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Hyderabad, Telangana and the rest towards general corporate purposes.
The company which is into manufacturing of solar PV cells and solar modules, execution of EPC projects, independent power production, O&M services with respect to EPC projects executed by the company and sale of other
