Solar91 Cleantech Limited has filed a draft red herring prospectus (DRHP) for a Rs 1 billion initial public offering (IPO). Fresh issue of 5.43 million equity shares will be offered to the market. Their face value is Rs 10. Out of the total, 5.131 million equity shares will be offered as net issue to the general public while 304,800 will be kept aside for market makers.
The funds raised from the IPO will be used to meet working capital requirements, invest in subsidiaries, and for general corporate purposes. They will also be used to develop large-scale solar parks to meet the energy needs of commercial and industrial clients. Furthermore, the funds will be used to support incremental business requirements, funding growth opportunities, and other strategic, business, and corporate purposes that require additional working capital.
