Solar cell and module maker Premier Energies Ltd has raised Rs 846 crore from anchor investors, a day before the opening of its initial public offer for public subscription.
The money has been mobilised through the issue of 1.88 crore equity shares to 60 anchor investors at Rs 450 per share, according to the circular posted on the BSE website. The prominent 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 company will raise Rs 2,830 crore from the IPO The offer will be open from August 27 to 29. The issue price has been fixed at Rs 427-450 per share. The offer includes a fresh issue of equity shares totalling Rs 1,291.4 crore and an offer for sale of up to 3.42 million shares, totalling Rs 1,539 crore as the upper limit of the price.
In the OFS segment, South Asia Growth Fund II Holdings LLC plans to sell 2.68 million shares, South Asia EBT will offload 1.72 lakh shares and promoter Chiranjeev Singh Saluja will sell 72 lakh shares.
“The proceeds of the fresh issue, around Rs 968.6 crore, will be used for investing in its subsidiary company, Premier Energies Global Environment Pvt Ltd, to partially fund the 4 GW TOPCon Solar PV Cell Manufacturing Plant and 4 GW TOPCon Solar PV Module Manufacturing Plant being constructed in Hyderabad, in addition to general corporate purposes.”
Premier Energies is an integrated solar cell and module manufacturing company with 29 years of experience. It is headquartered in Hyderabad and has five manufacturing plants. The annual installed capacity of solar cells and modules is 2 GW and 4.13 GW respectively. Revenue from operations for FY24 stood at Rs 3,143 crore, compared to Rs 1,428 crore in the previous year.
The lead book-running managers are Kotak Mahindra Capital Company Ltd, JP Morgan India Pvt. Ltd and ICICI Securities Ltd.
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