Vikram Solar gets nod for USD-188m IPO in India

• Indian photovoltaic or pv (PV) module maker Vikram Solar Ltd has actually received regulative clearance to go public via an approximately INR-15-billion (USD 188.3 m/EUR 185.4 m) initial public offering (IPO) in the house.

The draft documents for the recommended purchase, filed in March, were approved by the Securities Exchange Board of India (SEBI), the capital markets regulatory authority said in a monitoring letter.

Under the plan, Vikram Solar plans to offer up to 5 million equity shares in a deal handled by JM Financial as well as Kotak Mahindra Capital Co Ltd. After the deal closes, the company's supply will certainly start trading on the BSE bourse as well as the National Stock Exchange of India.

As previously revealed, the fresh capital is focused on sustaining the Indian supplier's plan to mount a 2-GW solar cell as well as module production plant in Tamil Nadu. The capacity will certainly contribute to the two existing production sites of Vikram Solar, which have a combined capacity of 1.2 GW, in Tamil Nadu and West Bengal.

Today, Vikram Solar is India's biggest PV maker in regards to manufacturing capacity. The Kolkota-based firm additionally provides engineering, procurement as well as construction (EPC) and also operations as well as maintenance (O&M) services.