Solarworld Energy Solutions secures Rs 110 cr in pre-IPO placement round
Solarworld Energy Solutions has raised around Rs 110 crore in a pre-IPO placement round from a clutch of investors including ValueQuest Investment Advisors. With this, the fresh issue component of the company's planned IPO (initial public offering) has been reduced to Rs 440 crore, from Rs 550 crore projected earlier.
In a public announcement last week, the solar energy solutions provider said it has allotted 31.24 lakh shares to investors at Rs 352.05 apiece, aggregating the transaction size to Rs 109.99 crore on November 21.
Those who have been allotted shares include Valuequest Scale Fund, VQfastercap Fund and several individual investors.
The solar energy solutions provider filed preliminary papers with capital markets regulator Sebi in September to garner Rs 600 crore through an initial share-sale.
This included fresh issuance of equity shares worth Rs 550 crore, and an offer-for-sale of shares valued Rs 50 crore by promoter Pioneer Facor IT Infradevelopers, according to the draft red herring prospectus (DRHP).
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