Vikram Solar receives SEBI nod for Rs 15 billion IPO

Vikram Solar Limited has secured final approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO). The IPO includes a fresh issue of equity shares worth up to Rs 15 billion and an offer for sale of up to 17.45 million equity shares by the promoter and promoter group.

Each equity share carries a face value of Rs 10. The company plans to allocate Rs 7.93 billion from the fresh issue to partially fund capital expenditure through its wholly owned subsidiary, VSL Green Power Private Limited. These funds will be used to set up an integrated 3,000 MW solar cell and 3,000 MW solar module manufacturing facility.

Another Rs 6.029 billion will be used to expand capacity at Vikram Solar’s existing solar module manufacturing plant from 3,000 MW to 6,000 MW.