Solex Energy targets Rs 500 crore QIP: Chairman

Listed solar panel manufacturer Solex Energy plans to raise ₹500 crore in equity through a qualified institutional placement (QIP) and ₹1,000 crore in debt to fund its expansion, chairman Chetan Shah said.

Solex, which migrated to the main board of the National Stock Exchange this month, has a market capitalization of about ₹1,600 crore. The company aims to complete the equity raise within three months, Shah said, adding that a State Bank of India–led consortium has already agreed to finance the debt component.