Vikram Solar Limited has received Securities and Exchange Board of India’s (SEBI) approval to raise funds through an initial public offering (IPO).
The IPO consists of a fresh issue of up to Rs 15 billion and an offer-for-sale (OFS) of up to 5 million equity shares by the selling shareholders. As per the draft papers, proceeds from the fresh issue will be utilised for setting up an integrated solar cell and solar module manufacturing facility with an annual production capacity of 2,000 MW. JM Financial Limited and Kotak Mahindra Capital Company Limited are the book running lead managers to the public issue.