Reportedly, Satvik Green Energy has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 11.50 billion through an initial public offering (IPO).
The IPO includes a fresh issue of shares worth Rs 8.50 billion and an offer for sale of Rs 3 billion by the promoters. The funds will be used to repay debt, invest in its subsidiary Saatvik Solar Industries to clear borrowings, establish a 4 GW solar photovoltaic module manufacturing facility in Odisha, and cover general corporate expenses. Dam Capital Advisors, Ambit, and Motilal Oswal Investment Advisors are also reported to be the book-running lead managers for the IPO.