Waaree Energies Limited, one of the major players in the solar energy industry in India has filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (Sebi) to raise funds via IPO. The issue includes a fresh issue of equity shares worth Rs 1350 cr as well as an OFS component.
The proceeds from its fresh issuance worth Rs. 978.36 crore and Rs. 184.23 crore will be utilized by Waaree Energies to finance the cost of setting up a 2 gigawatt (GW) per annum solar cell manufacturing facility and a 1 GW per annum solar PV module manufacturing facility in Degam village, Chikhli, Gujarat. The remaining proceeds will be used for general corporate purposes.
As on 31st March 2021, Waree’s revenue from operations stood at Rs 1,952.78 crore against Rs 1,995.78 crore a year ago. Net profit was at Rs 48.19 crore, up from Rs 39.02 crore a year ago.
Waaree Energies is also in the process of setting up another manufacturing facility at Chikhli in Gujarat. The proposed addition of 3 GW PV module manufacturing capacity is expected to be operational by the end of fiscal 2022, and the 4 GW solar cell manufacturing capacity is expected to be operational by the end of fiscal 2023.
In Fiscal 2021, Waree products were sold across India and made export sales to 19 international jurisdictions. The company currently has 388 franchisees in 25 states and two Union Territories across India.
This is a PR Agency News Feed; edited by Clean-Future Team
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