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SAEL Industries Files for $521 Million IPO to Fund Expansion
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Heartspace News Desk
•Source: Reuters
Photo by Illia Horokhovsky on Unsplash
TL;DR
SAEL Industries, an Indian renewable energy company, is pursuing an IPO to raise 45.75 billion rupees, consisting of new shares and Norfund selling existing shares. The company intends to use these funds to invest in its subsidiaries, SAEL Solar P5 and SAEL Solar P4, and to pay down its debt, while its contracted renewable energy capacity is 5,765.70 megawatts as of September 30.
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Key takeaways
- Indian renewable energy company SAEL Industries, which specializes in solar and biomass projects, has filed for an initial public offering (IPO) targeting 45
- 75 billion rupees ($521 million), according to a Reuters report
- The IPO comprises a fresh issue of shares valued at up to 37
Indian renewable energy company SAEL Industries, which specializes in solar and biomass projects, has filed for an initial public offering (IPO) targeting 45.75 billion rupees ($521 million), according to a Reuters report. The IPO comprises a fresh issue of shares valued at up to 37.5 billion rupees and an offer for sale of 8.25 billion rupees in shares by Norfund.
SAEL Industries plans to allocate the IPO proceeds to investments in its subsidiary units, SAEL Solar P5 and SAEL Solar P4, and to reduce outstanding debt. As of September 30, the company's renewable energy projects have a contracted capacity of 5,765.70 megawatts.
Related Topics
SAEL IndustriesIPOrenewable energyNorfundsolarbiomassIndia
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