Premier Energies Ltd Secures Rs 846 Crore Ahead of IPO

Premier Energies Ltd, a solar cell and module manufacturer, has raised Rs 846 crore from anchor investors ahead of its IPO opening on August 27. The Hyderabad-based company aims to raise Rs 2,830 crore in total, with funds allocated for expanding its manufacturing facility and general corporate purposes.

Premier Energies Ltd, a premier solar cell and module manufacturer, announced on Monday it has secured Rs 846 crore from anchor investors, one day before its initial public offering (IPO) to the public.

Anchor investors include Nomura Funds, Abu Dhabi Investment Authority, HDFC Mutual Fund, ICICI Prudential MF, Axis MF, Kotak MF, Nippon India MF, Sundaram MF, and UTI MF. According to a BSE circular, the company has allocated 1.88 crore equity shares to 60 funds at Rs 450 apiece, totalling Rs 846.11 crore.

The Rs 2,830-crore IPO will be open for subscriptions from August 27 to August 29 with a price band of Rs 427-450 per share. The offering combines a fresh issue of equity shares worth Rs 1,291.4 crore and an offer for sale amounting to 3.42 crore shares by existing shareholders. Proceeds from the fresh issue will be used to fund a new 4 GW Solar PV TOPCon Cell and Module manufacturing facility in Hyderabad.

(With inputs from agencies.)