NEW DELHI: Photo voltaic panel maker Saatvik Inexperienced Vitality has filed preliminary papers with capital markets regulator Sebi to boost Rs 1,150 crore via an preliminary public providing (IPO). The Haryana-based firm’s proposed IPO is a mix of a contemporary difficulty of shares value Rs 850 crore and a proposal on the market (OFS) of Rs 300 crore by promoters — Parmod Kumar and Sunila Garg, in response to the draft pink herring prospectus (DRHP) filed on Monday.
At current, promoters maintain over 90 per cent stake within the firm.
Proceeds from the contemporary difficulty to the tune of Rs 553 crore might be used for establishing a 4 GW photo voltaic PV module manufacturing facility in Odisha, Rs 96 crore for funding in its subsidiary Saatvik Photo voltaic Industries within the type of debt or fairness for cost of borrowings, Rs 12.3 crore might be used to pay the corporate’s debt and a portion might be used for common company functions.
As of June 2024, the corporate’s whole borrowing stood at Rs 256 crore.
Saatvik Inexperienced Vitality is a photo voltaic photovoltaic module producer with an operational capability of about 1.8 GW as of June 30, 2024. The corporate offers end-to-end engineering, procurement and development companies for photo voltaic initiatives, together with ground-mounted photo voltaic installations and rooftop photo voltaic installations.
Renewable vitality installations (together with massive hydro) have elevated to about 191 GW as of March 2024 in comparison with 63 GW as of March 2012, with solar energy accounting for a share of 43 per cent as of March 2024, the draft papers mentioned, citing a Crisil report.
In FY24, photo voltaic capability additions stood at 15 GW, with 3 GW from grid-connected rooftop photo voltaic initiatives. India has the potential to assist 750 GW of photo voltaic vitality installations and has been providing a number of incentives and schemes to encourage the event of solar energy crops, it added.
On the monetary entrance, Saatvik Inexperienced Vitality posted a consolidated revenue of Rs 21.24 crore within the three months ended June 2024 towards Rs 14 crore within the year-ago interval. Its revenues from operations rose to Rs 246 crore within the second quarter of the present monetary yr (FY25) from Rs 233.5 crore within the year-ago interval.
Dam Capital Advisors, Ambit, and Motilal Oswal Funding Advisors are the book-running lead managers to the problem.
