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Premier Energies Files DRHP with SEBI to Raise More Than INR 1500 Crores

The company, in consultation with the BRLMs, may consider a Pre-IPO placement of specified securities for up to INR 300 crores. If the Pre-IPO placement is undertaken, the fresh issue will be reduced to the extent of such Pre-IPO placement.

April 22, 2024. By Anurima Mondal

Premier Energies Ltd. has filed the draft red herring prospectus (DRHP) with capital markets regulator, SEBI to raise more than INR 1,500 crores through an initial public offering (IPO).

According to the draft red herring prospectus, the Initial Public Offering of the Hyderabad-based company consists of a Fresh Issue of equity shares aggregating up to INR 1500 crores and an Offer for Sale of up to 2,82,00,000 Equity Shares by the Selling Shareholders. Under the offer for sale component, South Asia Growth Fund II Holdings LLC will divest 2,38,46,400 equity shares and South Asia EBT Trust will divest 1,53,600 equity shares and promoter Chiranjeev Singh Saluja will sell 42,00,000 equity shares.

The company, in consultation with the BRLMs, may consider a Pre-IPO placement of specified securities for up to INR 300 crores. If the Pre-IPO placement is undertaken, the fresh issue will be reduced to the extent of such Pre-IPO placement.

Premier Energies proposes to utilize the Net Proceeds of the Fresh Issue towards investment worth INR 1168 crores in its subsidiary, Premier Energies Global Environment Private Limited (PEGEPL) for part-financing the establishment of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Hyderabad, Telangana and the rest towards general corporate purposes.

The company which is into manufacturing of solar PV cells and solar modules, execution of EPC projects, independent power production, O&M services with respect to EPC projects executed by the company and sale of other solar-related products has customers across IPPs, OEMs and off-grid operators such as NTPC, TATA Power Solar Systems Ltd., Panasonic Life Solutions Pvt. Ltd., Continuum Green Energy (India) Pvt Ltd, Shakti Pumps (India) Ltd., First Energy 6 Pvt. Ltd., Luminous Power Technologies Pvt Ltd, Hartek Solar Pvt. Ltd., Green Infra Wind Energy Ltd., etc.

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