Jaipur-based solar module manufacturer Insolation Energy (INA) has announced plans to raise ₹4.02 billion (~$47.8 million) through a preferential allotment of 1.22 million equity shares to non-promoter entities.

The shares will be issued at a price of ₹3,287 (~$39.12) per share, including a premium of ₹3,277 (~$39).

The preferential allotment will be made to 117 non-promoter entities, diversifying the company’s investor base.

The move is subject to shareholder approval, which will be sought at an Extraordinary General Meeting scheduled for November 13, 2024.

Among the largest allottees are Brightview Management Consultancy (1,36,900 shares), NAV Capital VCC-Nav Capital Emerging Star Fund (1,35,000 shares), and Bengal Finance & Investment (1,21,600 shares).

These new shares will constitute about 5.65% of the company’s expanded equity base post-allotment.

The capital infusion is expected to strengthen IEL’s financial position and support its growth initiatives in the renewable energy sector.

Last month, Insolation Green Energy, a wholly owned subsidiary of Insolation Energy, broke ground on its 3 GW solar photovoltaic module facility and a 12,000 MTA aluminum frame plant in Sawarda, Jaipur, Rajasthan. The company said it is investing ₹4 billion (~$47.6 million) in its third manufacturing facility.

Earlier, Insolation Energy was one of six companies awarded a letter of allocation to develop 1,500 kW of rooftop solar projects each in Rajasthan. This allocation is part of a larger initiative by the Rajasthan Renewable Energy Corporation to develop 45 MW of grid-connected rooftop solar systems across the state.

In July, the Ministry of New and Renewable Energy added a capacity of 187 MW of Insolation Energy’s solar modules to the Approved List of Models and Manufacturers.

Insolation Energy’s products are used in government programs such as the Jal Jeevan Mission, PM-Kusum, and PM Surya Ghar: Muft Bijli Yojana.