April 24, 2024
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Premier Energies files DRHP to raise Rs 1500 crore
Premier Energies Limited, headquartered in Hyderabad, India, the country’s second-largest integrated solar cell and solar module manufacturer, has submitted its DRHP to the capital markets regulator, SEBI, aiming to raise over Rs 1,500 crore through an IPO.
The IPO encompasses a fresh issue of equity shares totaling up to Rs 1,500 crore and an Offer for Sale of up to 2,82,00,000 shares by the selling shareholders.
Premier Energies may explore a pre-IPO placement of specified securities for up to Rs 300 crores, which would result in a reduction of the fresh issue to the extent of such pre-IPO placement.
The proposed utilization of the net proceeds from the fresh issue includes an investment of Rs 1,168 crores in its subsidiary, Premier Energies Global Environment Private Limited (PEGEPL), to partially finance the establishment of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Hyderabad, Telangana. The remainder will be allocated towards general corporate purposes.
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