Diffusion Engineers had planned to raise funds via public issue, which comprised only a fresh issue of 98.47 lakh equity shares with no offer-for-sale component.
The project will create several job opportunities and business growth avenues for the subcontractors. The company is focusing on establishing more such power plants in Karnataka and other states, Rays Power Infra Director Pawan Sharma said.
Rays Power Infra has signed a Memorandum of Understanding (MoU) with the Rajasthan government in the presence of Chief Minister Ashok Gehlot to build an avant-garde PV Photovoltaic (PV) Power Station (also known as a solar power plant), a statement said.
The project is expected to be commissioned by February, 2017. It will be executed by Rays Power Infra on turnkey basis - from land acquisition to commissioning -- the company said in a press release.
"The company's subsidiary Shining Sun Power has signed a 150-MW project development term sheet with power producer Hilliard Energy, a company incorporated and registered under the laws of Mauritius. Both partners will jointly develop 150 MW of solar power project with a total investment of USD 130 million," a statement issued here stated.