Kalpataru Projects International (KPIL), a Mumbai-based power transmission, and engineering, procurement, and construction company, has raised ₹10 billion (~$117.5 million) through a qualified institutions placement (QIP) of shares.

The QIP, which is the company’s first equity raise in over a decade, saw participation from domestic mutual funds, foreign investment funds, and insurance companies.

KPIL aims to use these funds to strengthen its balance sheet, enhance financial flexibility, and accelerate its growth plans.

Recently, Gujarat-based energy generation and transmission company Torrent Power raised ₹35 billion (~$412.77 million) through a QIP, which was oversubscribed four times against the issue size.

Adani Energy Solutions raised equity capital twice this year through QIPs for $1.5 billion. Its second QIP in October received bids 4.2 times the deal size. JSW Energy raised $600 million earlier in the year.

Several clean energy companies have raised funds from the market this year. Many companies have also filed draft papers with the regulators to raise funds through the initial public offering (IPO) route.

In early December, Rajesh Power Services raised ₹1.6 billion (~$18.8 million) through an IPO, which was subscribed 59 times. The IPO comprised up to 47.9 million equity shares with a face value of ₹10 (~$0.11).

In November, NTPC Green Energy’s ₹100 billion (~$1.19 billion) IPO was oversubscribed 2.42 times. The price band was set at ₹102-108 (~$1.21- 1.28) per equity share with a face value of ₹10 (~$0.119).

Continuum Green Energy filed the draft red herring prospectus to raise over ₹36.5 billion (~$430.10 million) through an IPO which will consist of a fresh issue of equity shares with a face value of ₹10 (~$0.12) each, aggregating up to ₹12.5 billion (~$147.30 million).

Mercom earlier reported the surge in IPO activity within India’s clean energy sector this year. Premier Energies and Waaree Energies, two major renewable energy companies, secured approximately $850 million through their initial public offerings. Additionally, electric vehicle makers Ather Energy and Ola Electric raised $337 million and $734 million earlier in the year.

A few clean energy companies took the QIP route to raise money.