IPO
Solarworld Energy Solutions raises Rs.110-Cr in pre-IPO placement
Noida-headquartered Solarworld Energy Solutions has raised around INR 110 crore in a pre-IPO placement round from a clutch of investors including ValueQuest Investment Advisors. The firm has allotted 31.24 lakh shares to investors at INR 352.05 apiece, aggregating to INR 109.99 crore. With this, the fresh issue component of the company's planned IPO has been reduced to INR 440 crore, from INR 550 crore projected earlier.Proceeds from the fresh issue to the tune of INR 420 crore will be used for investment in the company's subsidiary, Kartik Solarworld, for part-financing the establishment of a 1.2 GW Solar PV TopCon manufacturing facility in Pandhurana, Madhya Pradesh.Solarworld Energy Solutions specialises in engineering, procurement and construction services for solar power projects.Nuvama Wealth Management Ltd and SBI Capital Markets Ltd are the book running lead managers to the issue.
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