Upgraded – April 20, 2024 at 08:14 PM.|
Hyderabad
Files DRHP with SEBI; to establish brand-new production center in Hyderabad
Premier Energies Limited, an incorporated solar battery and solar module maker with a yearly set up capability of 2 GW and 3.36 GW respectively, has actually submitted the draft red herring prospectus (DRHP) with SEBI to raise over 1,500 crore through an going public (IPO).
The 29-year-old business, established by Surender Pal Singh Saluja, stated it would use the earnings of the fresh problem in its subsidiary Premier Energies Global Environment Private Limited (PEGEPL). Investments to the tune of 1,168 crore would be produced part-financing the facility of a 4-GW Solar PV TOPCon Cell (Tunnel Oxide Passivated Contac) and 4-GW Solar PV TOPCon Module making center in Hyderabad.
The IPO would include a fresh problem of equity shares aggregating approximately 1,500 crore and a sell of approximately 2.82 crore shares by the offering investors.
“Under the market element, South Asia Growth Fund II Holdings LLC will divest 2.38 crore and South Asia EBT Trust will divest 1.53 lakh shares and promoter Chiranjeev Singh Saluja will offer 42 lakh shares,” the DRHP stated.
The business may opt for a pre-IPO positioning of defined securities for as much as 300 crore. “If the pre-IPO positioning is carried out, the fresh concern will be lowered to the degree of such pre-IPO positioning,” the business stated.
Premier Energies, which has 5 production centers in Hyderabad, has actually ended up being the biggest Indian exporter of solar batteries to the United States for the 9 months ended December 31, 2023.
The business published profits from operations of 1,428 crore in the fiscal year 2022-23. In the very first 9 months, it signed up earnings from operations of 2,017 crore for the nine-month duration ended December 31, 2023.
“As of March 15, 2024, the business had an order book of 5,362 crore,” it stated.