Manufacturer of solar modules Waaree Energies announced that it had submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India, the market authority.
A new issue of equity shares up to Rs 30,000 million and an offer to sell up to 3,200,000 equity shares with a face value of Rs 10 each make up the company’s first public offering, as reported by ETEnergyWorld.
Being the most bankable solar brand in India, they have over 388 franchisees and provide a wide range of solar solutions, such as EPC services, solar products & utilities, energy storage, and more.
According to the statement, the company intends to use the surplus funds for general corporate reasons in addition to partially financing the establishment of a 6-GW ingot wafer, solar cell, and solar module production plant in Odisha, India.
About Waaree Energies
Established in 1989, Waaree Energies Ltd. is a leading global provider of solar energy solutions and photovoltaic modules.
With a 12 GW manufacturing plant and more than 8500 employees globally, they have supplied 6 GW of high-quality solar modules to 20 different nations. For 35 quarters running, Bloomberg New Energy Finance has consistently ranked us among Tier 1 Module Manufacturers.