External Funding did happened at the parent company level ( Waaree Energies) primarily via short term debt as the rates were low and later via Equity . There were very few listed comparable company in the renewable space during 2017-2018 except Adani which also was product of Demerger .
Getting directly listed – I presume constraint was valuation benchmark – Maybe the promoters had projection of the tremendous oppouurtunity in the sector but without signed contracts , getting proper valution would have been a challenge .
Secondly for small EPC company one big large order can change the fortunes of the company – which happened with this company .
Thirdly it was easier for parent company to raise equity capital as because valuation benchmark for the listed subsisdiary company was already there .
Lastly reason for taking epc buiness into seperate company was maybe getting debt funding from investors ( Initially main underlying business of the company was Manf of solar panels) Lending Institutions are wary of funding large epc contracts as risks associated with them are quite large .
Latest round of valuation had happened @ 13k crores for Parent company .
Disclosure : I still hold the stock so maybe my opinion maybe biased .
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