Emmvee Photovoltaic Powers Up with Rs 1,305 Crore from Anchor Investors

Emmvee Photovoltaic Power Ltd secured Rs 1,305 crore from anchor investors before its IPO opening. The funds will help repay debts and support corporate growth. The IPO aims to raise Rs 2,900 crore, with substantial interest from domestic and international investors. Emmvee is a leader in solar PV manufacturing.

Emmvee Photovoltaic Power Ltd, a prominent solar PV module and solar cell manufacturer, has successfully raised Rs 1,305 crore from anchor investors prior to its Initial Public Offering (IPO), the company announced.

The anchor round witnessed participation from a diverse range of investors, including domestic mutual funds, insurance firms, and global investment entities. Among the notable participants are ICICI Prudential MF, Kotak MF, WhiteOak Capital MF, and SBI Life Insurance.

Slated for public subscription from November 11-13, the IPO targets Rs 2,900 crore, driven by fresh share issues and an offer for sale by promoters. Proceeds will address debt repayment and corporate needs, as Emmvee prepares to debut on the stock market on November 18.

(With inputs from agencies.)