Solar company Waaree Energy files for IPO, plans Rs 1,350 cr fresh issue
Mumbai-based solar equipment maker Waaree Energy has filed its draft red herring prospectus (DRHP) with market regulator Sebi to raise funds via IPO. The company plans fresh issue of equity shares worth Rs 1,350 crore as well as an offer for sale (OFS) component.
The company in a statement said, the issue is comprised of a fresh Issue of equity shares of face value of Rs 10 each aggregating to Rs 1,350 crore and OFS of 4,007,500 equity shares by existing shareholders and promoters.
The proceeds from its fresh issuance worth Rs 978.36 crore and Rs 184.23 crore will be used to finance the cost of setting up a 2 gigawatt (Gw) per annum solar cell manufacturing unit and a 1 Gw solar PV module manufacturing facility in Degam village, Chikhli, Gujarat.
