Vishakha Renewables, a solar-components manufacturer promoted by the Adani group, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for a proposed Rs.1,250 crore IPO. The issue is planned as a fresh issue of Rs.1,250 crore along with an offer for sale of 1.81 crore shares.
The company plans to use Rs.900 crore from the fresh issue to repay outstanding borrowings, while the remaining proceeds are proposed to be used for general corporate purposes. The filing marks another addition to the renewable-energy companies preparing to access India’s primary market.
