Vikram Solar to Launch Rs 1,500 Crore IPO

Solar module manufacturer Vikram Solar has filed draft papers with SEBI to raise Rs 1,500 crore via an IPO. The IPO will consist of new stock worth Rs 1,500 crore and shares from the promoter group. The company aims to use part of the proceeds for capital expenditure and expansion.

Solar module manufacturer Vikram Solar on Tuesday announced its submission of draft documents to market regulator SEBI, seeking approval to raise Rs 1,500 crore through an initial public offering (IPO).

The IPO will include new equity issues worth up to Rs 1,500 crore and an offer for sale (OFS) of up to 17.45 million shares by its promoter group, according to a statement from the Kolkata-based firm.

The share sale, with a face value of Rs 10 each, will feature a fixed quota for eligible employees and a discount for employee participants in the subscription portion, as detailed in the draft red herring prospectus (DRHP).

(With inputs from agencies.)