Vikram Solar Files IPO Draft Papers To Raise Rs 1,500 Crore

Vikram Solar Ltd. has filed its preliminary papers with the capital markets regulator Securities and Exchange Board of India on Friday to raise up to Rs 1,500 crore via an initial public offering.

The public offer will include a fresh issue of shares worth Rs 1,500 crore as well as an offer for sale of up to 1.74 crore shares, according to the draft red herring prospectus.

Gyanesh Chaudhary, Vikram Capital Management Pvt., and Anil Chaudhary are the promoters of the company offloading shares in the offer for sale.

JM Financial Ltd., Nuvama Wealth Management Ltd., UBS Securities India Pvt., Equirus Capital Pvt. and PhillipCapital India Pvt. are the book-running lead managers for the issue and Link Intime India Pvt. will be the registrar.

The company has proposed to list the shares on the BSE and NSE.

Vikram Solar will invest part of the funds in its wholly owned subsidiary, VSL Green Power Pvt. for setting up an integrated 3,000 MW solar cell and 3,000 MW solar module manufacturing facility in Tamil Nadu.

It will also use funds for expanding the manufacturing capacity of VSL Green Power's solar module manufacturing facility.

The remaining amount will be used for general corporate purposes.

Vikram Solar is a solar photovoltaic module manufacturer with 15 years of experience. The company has installed 3.50 GW of manufacturing capacity for solar PV modules as of Sept. 30.

In June, it had raised Rs 704.02 crore through private placement basis for working capital requirements and to cover expenses for upgrades and expansion.