Premier Energies Rs 2,830 Crore IPO Opens On August 27
By : RAVI RANJAN PRASAD
Update: 2024-08-22 16:19 GMT
Mumbai: Hyderabad, Telangana based solar cell and module manufacturer Premier Energies announced Rs 2,830 crore initial public offering in the price band of Rs 427 to Rs 450 per equity share of Rs 1 face value.The public issue opens on August 27 and closes on August 29, 2024.
Established in 1995, Premier Energies has five manufacturing units all located near Hyderabad in Telangana. The company is exporting 20 per cent of its solar cell and module to US clients and 80 per cent to domestic clients.
The company is India’s second largest integrated solar cell and module manufacturer as well as second largest solar cell manufacturer in terms of annual installed capacity with 2 Gigawatts for cells and 3.36 GW for modules.
The public issue comprises of fresh issue of Rs 1291.40 crore and an offer for sale of 34.2 million equity shares by promoter and investor shareholders.
The net proceeds (Rs. 968.6 crore) from the fresh will be utilised in part-financing the establishment of a 4 GW solar cell and 4 GW solar PV module manufacturing facility near Hyderabad.
Above new facility for which the company has been sanctioned 75 acre land parcel by Telangana government near Hyderabad, will require a total investment of Rs 3400 crore.
The company has got debt sanctioned of Rs 2,200 crore from Indian Renewable Energy Development Agency(IREDA), the company management disclosed during the IPO launch.