Premier Energies Limited, along with three other companies, has received approval from the Securities and Exchange Board of India (Sebi) to raise funds through Initial Public Offerings (IPOs), according to a recent update from the markets regulator.
Premier Energies, a prominent solar cell company, plans to raise Rs 15 billion through its IPO. This offering includes a fresh issue of equity shares worth Rs 11.68 billion and an Offer For Sale (OFS) of up to 28.2 million shares by the promoter and investoRs Specifically, South Asia Growth Fund II Holdings LLC will divest 23.8 million shares, South Asia EBT Trust will sell 1.53 million shares, and promoter Chiranjeev Singh Saluja will offer 4.2 million shares.
The funds from the fresh issue will be allocated towards investing in the subsidiary Premier Energies Global Environment Private Ltd, partially financing the establishment of a 4 GW solar PV TOPCon (tunnel oxide passivated contact) cell and 4GW solar PV TOPCon module manufacturing facility in Hyderabad, with the remainder used for general corporate purposes.