ACME Solar Holdings Ltd. filed its preliminary papers with the market regulator to raise Rs 3,000 crore through an initial public offering.
The renewable energy company's public issue will consist of a fresh issue of Rs 2,000 crore, and an offer-for-sale of up to Rs 1,000 crore, according to the draft red herring prospectus filed with the Securities and Exchange Board of India.
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Under the offer-for-sale component, ACME Cleantech Solutions Pvt. will be the sole promoter selling stake during the issue.
Proceeds worth Rs 1,500 crore will be used for the repayment of certain outstanding borrowings availed by their subsidiaries. Proceeds from the issue will also be used for general corporate purposes, according to the DRHP.
Nuvama Wealth Management Ltd., ICICI Securities Ltd., JM Financial Ltd., Kotak Mahindra Capital Co., and Motilal Oswal Investment Advisors Ltd. will be the book-running lead managers for the issue of the ACME Group company.
ACME Solar Holdings is a renewable energy company with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy projects. It is among the top 10 renewable energy players in India in terms of operational capacity as of March 31, 2024, according to the DRHP.
Established in 2015, the company aimed to consolidate the ACME Group's renewable energy business. It has an aggregate operational project capacity of 1,320 megawatt solar power projects.
It also has a construction contracted project capacity of 1,650 megawatt including solar power projects of 1,500 megawatt and wind power projects of 150 megawatt .
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