Corporate
Tuesday, 19 December 2017 17:07

ACME Solar Holdings and HG Infra receives Sebi's approval to launch IPO

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19/12/2017

Two companies -- ACME Solar Holdings and HG Infra Engineering -- have received Sebi's approval to launch initial public offerings, as per the latest update with markets regulator.

Together, these companies are expected to garner Rs 2,700 crore through initial share-sales.

The two firms had filed their respective draft red herring prospectus (DRHP) with the regulator on September 28.

ACME Solar Holdings and HG Infra Engineering received "observations" from Securities and Exchange Board of India (Sebi) on December 15 and December 13, respectively, which is necessary for any company to launch public offers.

Going by the preliminary papers, renewable energy firm ACME Solar Holdings plans to raise Rs 2,200 crore through its initial public offer (IPO).

Funds raised through the issue will be used to pay debt and to finance the company's 200 MW solar power project in Rajasthan and for other general corporate purposes.

Besides, the company is considering a pre-IPO placement of up to 52,22,079 equity shares to certain investors for up to Rs 500 crore.

ICICI Securities, Citigroup Global Markets India and Deutsche Equities India will manage the company's public issue.

HG Infra Engineering's IPO comprises fresh issue of equity shares worth Rs 300 crore besides an offer of sale 60 lakh scrips by the existing shareholders.

Funds raised through the fresh issue will be used for purchasing capital equipment, repayment of loan and for other general corporate purposes.

Additional Info

  • News Section: Corporate
  • Month: December
  • Year: 2017
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