Solar panels manufacturer Saatvik Green Energy has raised Rs 269.4 crore from several institutional investors via anchor book on September 18, a day before the launch of Rs 900-crore IPO.
The initial public offering (IPO) consists of fresh issuance of shares worth Rs 700 crore, and an offer-for-sale of shares worth Rs 200 crore by promoters Parmod Kumar, and Sunila Garg. The price band for the offer, which opens for public subscription on September 19-23, has been fixed at Rs 442-465 per share.
The Gurugram-based company in its filing to exchanges said it has finalised allocation of 57,93,547 equity shares to anchor investors at Rs 465 per share.
Total six domestic institutional investors participated in the anchor book including HDFC Mutual Fund, and Nippon Life India which are the largest investors in the anchor book, buying 20.43 lakh shares through their schemes for nearly Rs 190 crore.
Prashant Jain's 3P Investment Managers-owned 3P India Equity Fund acquired 10.75 lakh shares for nearly Rs 50 crore, while Bandhan Mutual Fund, SBI General Insurance Company, and 360 ONE picked 2.1 lakh shares each for Rs 29.4 crore.
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Saatvik Green Energy that claims among the leading solar photovoltaic module manufacturers in India with operational capacity of about 3.80 gigawatt (GW) modules will utilise Rs 177.3 crore of net fresh issue proceeds for repayment of certain outstanding borrowings.
Further, Rs 477.2 crore will be used for setting up of a 4 GW solar PV module manufacturing facility at Ganjam, Odisha through subsidiary Saatvik Solar Industries, and the remaining amount will be set aside for general corporate purposes.
Along with solar panels manufacturing, the company also provides engineering, procurement and construction (EPC), and operations and maintenance (O&M) services.
DAM Capital Advisors, Ambit, and Motilal Oswal Investment Advisors are acting as the merchant bankers for the Saatvik Green Energy IPO.
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