Continuum Green Energy Limited has received approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO) amounting to Rs 36.5 billion.
The proposed IPO comprises a fresh issue of equity shares worth Rs 12.5 billion and an offer-for-sale of shares valued at Rs 24 billion by the promoter entity, Continuum Green Energy Holdings Limited. Proceeds from the fresh issue will primarily be used to repay or partially prepay certain borrowings availed by its subsidiaries, including accrued interest, by investing Rs 11 billion in these entities. A portion of the funds will also be allocated towards general corporate purposes.