Indian firm Acme Solar Holdings Pvt Ltd may have abandoned for now its plan for an initial public offering (IPO), say market sources cited by Business Standard.
The company, which has put online 874 MW of solar power plants, initially expected to raise up to INR 22 billion (USD 329m/EUR 270m) in the IPO but, according to reports earlier this month, cut that to between INR 10 billion and INR 15 billion. The change came because Acme managed to finance certain projects with available resources and promoter equity so the planned use of IPO proceeds changed, CEO Nikhil Dhingra told Mint in early April.
In line with the changes, Acme Solar had to file anew its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). Business Standard’s report says the deadline for refiling in fiscal 2017/18 has been missed.