ACME Solar Holdings Powers Up with Rs 1,300 Crore from Anchor Investors

ACME Solar Holdings Ltd has raised Rs 1,300 crore from anchor investors prior to its IPO. The company's share sale consists of new shares worth Rs 2,395 crore and an offer-for-sale of Rs 505 crore. Funds will be used to pay down debt and for corporate purposes.

ACME Solar Holdings Ltd, a leading renewable energy company, has successfully raised Rs 1,300 crore from anchor investors ahead of its much-anticipated initial public offering (IPO), slated for public subscription from November 6 to November 8.

The firm allocated 4.5 crore shares to 58 anchor investors at Rs 289 each, with prominent participants including Abu Dhabi Investment Authority and HSBC Global Investment Fund. The IPO aims to secure Rs 2,900 crore, consisting of Rs 2,395 crore from fresh issue shares and Rs 505 crore from an offer-for-sale by ACME Cleantech Solutions.

Proceeds from the share sale will primarily address the company's debt and support general corporate objectives, reflecting ACME Solar's expansive growth strategy from solar to integrated renewable energy solutions across India.

(With inputs from agencies.)