Saatvik Green Energy Files For Rs 1,150-Crore IPO
Saatvik Green Energy will invest Rs 552.8 crore in its subsidiary for setting up a 4 GW solar PV module manufacturing facility in Gopalpur.
Saatvik Green Energy Ltd. filed its preliminary papers with the Securities and Exchange Board of India on Tuesday for a Rs 1,150-crore initial public offering, which will include an offer for sale of up to Rs 300 crore and a fresh issue of Rs 850 crore, according to the draft red herring prospectus.
Pramod Kumar and Sunila Garg are shareholders of Saatvik Green Energy offloading shares worth Rs 150 crore each in the OFS. Neelesh Garg, Manik Garg, Manavika Garg and SPG Trust are the promoters and the promoter group of the company.
DAM Capital Advisors Ltd., Ambit Pvt. and Motilal Oswal Investment Advisors Ltd. are the book-running lead managers for the IPO and KFin Technologies will be the registrar of the maiden public offer.
The green energy company will invest Rs 552.8 crore in Saatvik Solar Industries Pvt., a subsidiary of the company, for setting up a 4-gigawatt solar PV module manufacturing facility in Gopalpur. Saatvik Green Energy will also be using Rs 12.3 crore for prepayment or scheduled re-payment of outstanding borrowings while it will use Rs 95.8 crore for investment in Saatvik Solar Industries in form of debt or equity for repayment of borrowings.
Saatvik Green Energy is a solar photovoltaic module manufacturer that, as of June, had an operational capacity of 1.8 GW. The company's solar energy product includes Mono PERC modules and N-TopCon solar modules that are suitable for various applications and sectors, including residential, commercial and utility scale solar projects.
Saatvik Green Energy also provides engineering, procurement and construction services for solar projects, which include ground-mounted solar installations and rooftop solar installations. It also provides operations and maintenance services to customers.
