Reportedly, Continuum Green Energy Limited has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 36.5 billion through an initial public offering (IPO).
The IPO includes a fresh issue of shares worth Rs 12.5 billion and an offer for sale of Rs 24 billion by the promoter, Continuum Green Energy Holdings Limited. The net proceeds from the fresh issue will be used to repay or prepay outstanding borrowings of its subsidiaries, with Rs 11 billion allocated for this purpose. Additional funds will be used for general corporate purposes. The company may also conduct a pre-IPO placement of up to Rs 2.5 billion, which would reduce the size of the fresh issue accordingly. Kotak Mahindra Capital Company, Ambit Private, Citigroup Global Markets India, and JM Financial are the book-running lead managers for the IPO.