Avaada Electro Secures Sebi Nod for ₹10,000 Crore IPO to Expand Solar Manufacturing
Avaada Electro gets Sebi approval to raise ₹9,000-10,000 crore via IPO
Business Standard
Image: Business Standard
Avaada Electro, part of the Avaada Group, has received approval from the Securities and Exchange Board of India (Sebi) to raise ₹9,000-10,000 crore (approximately $1.1-1.2 billion USD) through an initial public offering (IPO). The funds will support the expansion of its solar manufacturing capabilities, including a new facility in Uttar Pradesh.
- 01Avaada Electro aims to raise ₹9,000-10,000 crore through its IPO.
- 02The IPO will consist of a fresh issue of shares and an offer for sale by existing shareholders.
- 03Proceeds will be used for expanding solar manufacturing capacity, including a 5.1 GW facility in Uttar Pradesh.
- 04Other companies, Sonaselection India and Grand Housing, also received Sebi approval for their IPOs.
- 05The IPO is expected to value Avaada Electro between ₹1.10 lakh crore and ₹1.3 lakh crore.
Advertisement
In-Article Ad
Avaada Electro, the solar manufacturing division of the Avaada Group, has obtained approval from the Securities and Exchange Board of India (Sebi) to raise between ₹9,000 crore and ₹10,000 crore (approximately $1.1-1.2 billion USD) through an initial public offering (IPO). This IPO is anticipated to include a mix of a fresh issue of shares and an offer for sale (OFS) by existing shareholders. The funds raised will primarily be allocated towards expanding the company's solar manufacturing capabilities, including the development of a 5.1 GW integrated facility in Uttar Pradesh and enhancements at its Butibori plant in Maharashtra. The approval was part of a batch that also included textile firm Sonaselection India and Grand Housing, which are also looking to launch their maiden public offerings. Avaada Electro's IPO could value the company between ₹1.10 lakh crore and ₹1.3 lakh crore.
Advertisement
In-Article Ad
The IPO will facilitate significant investments in solar manufacturing, which could lead to job creation and advancements in renewable energy technology in India.
Advertisement
In-Article Ad
Reader Poll
Do you think investing in renewable energy companies is a good idea?
Connecting to poll...
Read the original article
Visit the source for the complete story.