Rs 106-crore Solar91 Cleantech SME IPO under BSE scanner as issue postponed 'till further notice'

Rs 106-crore Solar91 Cleantech SME IPO under BSE scanner as issue postponed 'till further notice'

Another SME IPO came under BSE scanner with the stock exchange postponing the Rs 106-crore Solar91 Cleantech IPO bidding for anchor investors on December 23 and for public on December 24 "till further notice".

"In view of certain queries raised by complainants in media, same needs further examination. In view of the same, pending further examination, the IPO bidding for anchor investors today and for public tomorrow is postponed till further notice," said BSE on December 23.

EPC solar energy solutions provider Solar91 Cleantech, which is backed by Tikri Investments' Prashant Jain and Syrma SGS Technology's Krishna Kumar Pant, was set to open its Rs 106-crore initial share sale for public subscription on December 24.

Trafiksol, C2C Advanced Systems are among the SME IPOs that faced exchange scrutiny in the recent past.

Promoters own 69.75 percent stake in the company, and the remaining 30.25 percent shares are held by public shareholders including Krishna Kumar Pant (6.77 percent), and Tikri Investments (4.15 percent).

Solar91 Cleantech, founded by four IITians (Saurabh Vyas, Prateek Agrawal, Dhawal Gaurang Vasavada, and Sandeep Gurnani) in Rajasthan in 2015, builds and maintains grid connected and off grid solar power projects. The turnkey EPC contractor has commissioned 191 plants across 13 states of India and 1 plant in Kenya, Africa under the EPC model. It has also commissioned two projects under IPP (independent power producer) Model. In total, it has commissioned plants of 94+ megawatt (MW) capacity across India.

The merchant banker handling the public issue is Narnolia Financial Services.