Waaree Files For IPO, To Fund New Solar PV Plants With Funds

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Waaree’s revenue from operations was Rs 1,952.78 crore )31 mArch 2021) against Rs 1,995.78 crore a year ago. The company’s net profit was at Rs 48.19 crore against Rs 39.02 crore a year ago.

Waaree Energy has filed draft red herring prospectus (DRHP) with market regulator Sebi to raise funds via IPO. The company has planned a fresh issue of equity shares worth Rs 1,350 crore.

The company intends to plan the proceeds from its fresh issuance to finance the cost of setting up a 2 gigawatt (Gw) per annum solar cell manufacturing unit and a 1 Gw solar PV module manufacturing facility in Degam village, Chikhli, Gujarat. The estimated cost is worth Rs 978.36 crore and Rs 184.23 crore, respectively. The remaining amount will be used for general corporate purposes.

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Waree’s revenue from operations was Rs 1,952.78 crore )31 mArch 2021) against Rs 1,995.78 crore a year ago. The company’s net profit was at Rs 48.19 crore against Rs 39.02 crore a year ago.

The fresh issue includes equity shares of face value of Rs 10 each aggregating to Rs 1,350 crore and OFS of 4,007,500 equity shares by existing shareholders and promoters.

Waaree Energies Ltd, had become the first module manufacturer In India to get NABL Accreditation for its PV module test lab (PMTL) last year.

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Mukul Yudhveer Singh
Mukul Yudhveer Singh
Mukul Yudhveer Singh is an Editor at EFY. He’s an experienced business journalist who is both an enthusiast and a cynic of technology. Believes in data, as well as hunch-based journalism. He defines journalism as- reporting facts which help the audience take their own decisions, not ones that influence them!

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