Waaree Energies Limited has submitted draft papers to Security Exchange Board of India for an initial public offering (IPO) aimed at raising Rs 30 billion ($361 million).
The IPO will consist of a fresh issue of 3.2 million shares and an offer for sale, including 2.7 million shares by promoter shareholder Waaree Sustainable Finance, 450,000 shares by Chandurkar Investments, and 50,000 shares by Samir Surendra Shah. The shares, with a face value of Rs 10 ($0.12), are intended to fund the establishment of a 6 GW ingot, wafer, and solar cell and module manufacturing facility in Odisha. Additionally, the proceeds will be utilised for general corporate purposes.