Solar panel maker Waaree Energies on Friday filed fresh preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).
The IPO comprises a fresh issue of equity shares aggregating to Rs 3,000 crore and Offer For Sale (OFS) of 32 lakh equity shares by a promoter and existing shareholders, according to the draft red herring prospectus (DRHP).
Those selling shares in the OFS include promoter Waaree Sustainable Finance Private Ltd and shareholders — Chandurkar Investments Private Ltd and Samir Surendra Shah.
Proceeds from the fresh issue will be used for setting up the 6GW (gigawatt) of Ingot Wafer, Solar Cell and Solar PV module manufacturing facility in Odisha. Besides, a portion will be used for general corporate purposes.
Waaree Energies, one of the major players in the solar energy industry in India, is focused on PV module manufacturing with an aggregate installed capacity of 12 GW as of June 30, 2023.
The Mumbai-based firm has a
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