Acme Solar's IPO in India okayed by SEBI

Bombay Stock Exchange. Author: Niyantha Shekar. License: Creative Commons, Attribution 2.0 Generic.

December 20 (Renewables Now) - The planned initial public offering (IPO) of up to INR 22 billion (USD 343.4m/EUR 290.5m) of Acme Solar Holdings Pvt Ltd has been given the go-ahead by the Securities and Exchange Board of India (SEBI).

As disclosed in a preliminary Draft Red Herring Prospectus (DRHP) with SEBI in October, the company seeks to list on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). It may also sell shares in a pre-IPO placement to certain investors for no more than INR 5 billion.

Acme Solar says on its website it has more than 1.8 GW of solar photovoltaic (PV) projects in its portfolio across different Indian states. It intends to spend about INR 8.7 billion of the IPO proceeds to cover the engineering, procurement and construction (EPC) cost for its 200-MW solar project in Bhadla, Rajasthan. The raised amount will also help the company repay certain loans.

The IPO will be managed by ICICI Securities, Citigroup Global Markets India and Deutsche Equities India.

(INR 100 = USD 1.56/EUR 1.32)

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