I feel extremely excited to present to you the 8th Annual Report of Bright Solar and the first as a listed company. Over the last year we reached multiple milestones, which we believe will be critical in shaping our company’s future.
The biggest development in Bright Solar Limited’s financial structure took place this year. We made our Initial Public Offering (IPO) between June 26th and June 29th, 2018 with shares worth Rs 19.44 crore to be made available for public trading. We were enormously pleased by the success of our IPO which was oversubscribed 1.76 times.
This marked the largest fundraising effort in the history of Bright Solar Limited. We were officially listed on National Stock Exchange’s NSE Emerge platform on July 9th and the occasion was marked with a bell ringing ceremony.
The financial year 2017-18 brought an increased momentum to our company’s growth rate as we entered new and unchartered territory setting several benchmarks on the way. This positive growth was facilitated mainly through the faith and support of customers, employees and shareholders.
Bright Solar’s major accomplishments for FY 17-18 include completion of projects worth more than Rs 30 crore. During this period, we also launched successful bids for projects of costs up to Rs 41.55 crore and on July 25th, 2018, we signed an MoU under the SWACH project of Govt of Rajasthan, for our first new project for the new financial year 2018-19.
The Solar Industry is booming, growing at an exponential rate. The demand for solar power has increased rapidly with the government investing heavily in this domain. We have been the beneficiaries of these developments and have been awarded a number of projects that have I helped Bright Solar Limited expand its operations.
We excitedly look forward to the next financial year in this new phase of our company. We thank you, fellow shareholders, and hope to have your unrelenting support through the next financial year as well.
Piyushkumar Babubhai Thumar -
Chairman & Managing Director