New Delhi: The solar cell and module producer Premier Energies Ltd announced on Monday that it has secured Rs 846 crore from anchor investors, just before its initial public offering for public subscription. According to a circular on the BSE website, anchor investors include Nomura Funds, Abu Dhabi Investment Authority, HDFC Mutual Fund, ICICI Prudential MF, Axis MF, Kotak MF, Nippon India MF, Sundaram MF, and UTI MF. The business distributed 1.88 crore equity shares to 60 funds at Rs 450 each, totaling the transaction value at Rs 846.11 crore, as indicated.
The IPO of Rs 2,830 crore is scheduled to commence on August 27 and end on August 29. The range for the price is between Rs 427 and Rs 450 per share. The IPO of the company from Hyderabad includes a new offering of equity shares worth Rs 1,291.4 crore and a sale of up to 3.42 crore shares by existing shareholders, with a value of Rs 1,539 crore at the highest price range. This increases the overall issue amount to Rs 2,830 crore. In the OFS segment, 2.68 crore shares will be sold by South Asia Growth Fund II Holdings LLC, 1.72 lakh shares will be offloaded by South Asia EBT, and 72 lakh shares will be divested by promoter Chiranjeev Singh Saluja.
Funds amounting to Rs 968.6 crore from the new offering will be used to invest in the company's subsidiary, Premier Energies Global Environment Pvt Ltd, to help fund the construction of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing plant in Hyderabad, Telangana. The rest of the money will be utilized for general corporate needs. Premier Energies has been in the solar industry for 29 years and has the ability to produce 2 GW of solar cells and modules each year.
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