Cosmic PV Power gets SEBI`s nod to raise Rs 640 crore through IPO
Cosmic PV Power has received the Securities and Exchange Board of India’s (SEBI) approval to raise Rs 640 crore through an initial public offering (IPO). The proposed IPO comprises a fresh issue of equity shares worth up to Rs 540 crore and an offer-for-sale (OFS) of up to Rs 100 crore by existing shareholders, taking the total issue size to Rs 640 crore.
Proceeds from the fresh issue will be used primarily to set up a greenfield solar PV module manufacturing facility in Narmadapuram, Madhya Pradesh, besides meeting general corporate requirements. Systematix Corporate Services and Valmiki Leela Capital are the book-running lead managers to the issue.
Cosmic PV Power manufactures solar photovoltaic (PV) modules. The company operates across three verticals -- solar PV module manufacturing, engineering, procurement and construction (EPC) services and aluminium frame manufacturing.
