SWELECT Energy to raise Rs 1.38 billion through NCDs
Author: PPD Team Date: 20/12/2024
Author: PPD Team Date: 20/12/2024
SWELECT Energy Systems has announced plans to raise Rs 1.38 billion through the issuance of 1,385 non-convertible debentures (NCDs) with a face value of Rs 1 million each via private placement.
These secured, unlisted, rated, redeemable, non-cumulative, taxable NCDs will carry a 12.5-year tenure and an average interest rate of 9.5%. The funds raised will be used to strengthen the company’s financial position.
The company’s board also approved the conversion of Rs 400 million in loans into 4 million preference shares at Rs 100 each for its wholly owned subsidiary, SWELECT HHV Solar Photovoltaics.
Additionally, SWELECT plans to establish four wholly owned subsidiaries – SWELECT Sunpower Plus, SWELECT Solarkraft, SWELECT GP, and SWELECT SE—to develop solar power projects, each with an initial paid-up capital of Rs 100,000.
In October 2024, SWELECT HHV Solar, with an enlisted capacity of 627 MW, was added to the provisional Approved List of Models and Manufacturers with an applied capacity of 700 MW.
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