Ahmedabad: Premier Energies Limited shall open its Bid/Offer in relation to its initial public offering of Equity Shares on Tuesday, August 27, 2024. The total offer size includes a Fresh Issue aggregating up to ₹12,914 million (“Fresh Issue”) and an Offer for Sale of up to 34,200,000 Equity Shares (“Offer for Sale”) (the “Offer”). The Anchor Investor Bidding date shall be on Monday, August 26, 2024 and the Bid Offer will be closed on Thursday, August 29, 2024, the company said. 

As per the press statement, “The Price band of the Offer is ₹ 427 to ₹ 450 per Equity Share (“Price Band”).  Bids can be made for a minimum of 33 Equity Shares and in multiples of 33 Equity Shares thereafter (“Bid Lot”). The Company proposes to utilise net proceeds from the Fresh Issue towards – (i) Investment in its Subsidiary, Premier Energies Global Environment Private Limited 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, India estimated to be ₹ 9,686.03 million to be deployed in FY 2025 and FY 2026; and (ii) General corporate purposes (the “Objects of Offer”)”

“The Offer for Sale of up to 34,200,000 Equity Shares comprises up to 26,827,200 Equity Shares by South Asia Growth Fund I Holdings LLC, up to 172,800 Equity Shares by South Asia EBT Trust (the “Investor Selling Shareholder”) and up to 7,200,000 Equity Shares by Chiranjeev Singh Saluja. (“the Promoter Selling Shareholder”) (together the “Selling Shareholders”).A discount of ₹ 22 per Equity Share is being offered to Eligible Employees bidding in the Employee Reservation Portion (“Employee Reservation Portion Discount”)” the statement further said. 

Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited and ICICI Securities Limited are the Book Running Lead Managers to the Offer (“BRLMs”).