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Vikram Solar Gets Sebi Nod to Mop-up Funds via IPO

Vikram Solar Receives 350 MW Module Supply Order for Project in Arizona

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Vikram Solar received the go-ahead from the Securities and Exchange Board (Sebi), capital markets regulator, to raise funds via an initial public offer (IPO).

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The IPO consists a new issue of up Rs 1,500 crore as well as an Offer-for–Sale (OFS), of up 50 lakh equity shares from the selling shareholders.

Vikram Solar filed preliminary IPO papers in March with the regulator. It received its observation letter on August 10, and an update from of India on Wednesday.

Sebi uses the term “observations” to mean that it has given its approval for the IPO to be floated.

Vikram Solar is a leading domestic module manufacturer. It produces solar photo-voltaic (PV) modules and is an integrated solar energy solutions provider offering engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) services.

Going by the draft papers, proceeds from the fresh issue will be utilised for setting up an integrated solar cell and solar module manufacturing facility with an annual production capacity of 2,000 MW.

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The company has a global footprint through a sales office in the US and a procurement office in China and has supplied solar PV modules to customers in 32 countries, as of December 31, 2021.

In India, the company’s customers include , Rays Power Infra, Amp , Azure Power India, West Bengal State Electricity Distribution Company Ltd, Solar Energy Corporation of India, and Keventer Agro. The company’s international customers include Amp Solar Development Inc, Safari Energy LLC, Standard Solar Inc and Southern Current.

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