June 26 (Renewables Now) - Indian solar pumps company Bright Solar Ltd is aiming to raise INR 194.4 million (USD 2.9m/EUR 2.4m) in an initial public offering (IPO) that opens for subscription today and will close on June 29.
The company is in the process of acquiring land at Kheda, Gujarat, where it plans to set up a manufacturing facility for photovoltaic (PV) modules/panels.
It will use the proceeds from the IPO to part fund the land acquisition, including stamping and registration for the proposed plant, and for working capital and general corporate needs.
Bright Solar will issue 5.4 million shares at a price of INR 36 apiece. The shares, to be listed on the SME Emerge platform of the National Stock Exchange of India Ltd, will represent 26.47% of the post issue paid-up capital of the company.
Swastika Investment Ltd is sole lead manager for the IPO.
(INR 100 = USD 1.467/EUR 1.257)