Karnataka-based solar project developer Ravindra Energy has raised ₹1.79 billion (~$21.29 million) by selling 24.3 million equity shares.

The Securities and Exchange Board of India (SEBI) approved the allotment of 24.3 equity million shares at a face value of ₹10 (~$0.11) per equity share and a premium of ₹64 (~$0.76) per equity share on a preferential basis.

The equity shares were allotted to 29 non-promoter entities.

The largest allottees were COEUS Global Opportunities Fund (2.43 million), Quant Mutual Fund – Quant Manufacturing Fund (2.43 million), Mukul Mahavir Agrawal (2.16 million), and New Vernon India (1.68 million).

The equity shares allotted on a preferential basis will rank pari passu with the company’s existing equity shares in all respects and will be subject to lock-in.

On September 30, 2024, the company completed divestment by selling its stake in its eight subsidiaries to Hexa Climate Solutions.

The company provides services for installing solar pumps, rooftops, and utility-scale projects. It has developed over 30 MW of grid-connected utility-scale projects in Karnataka.

The company also offers rooftop solar solutions on an engineering, procurement and construction, and build-own-operate-transfer basis.

“The funds will be deployed to scale up our existing asset base and develop bespoke solutions for decarbonization requirements of our corporate clients,” said Shantanu Lath, Chief Executive Officer at Ravindra Energy.

Total corporate funding, including venture capital/private equity funding, public market, and debt financing, in the solar sector reached $16.6 billion in the first half of 2024, marking a 10% year-over-year decrease from $18.5 billion.

In the first quarter (Q1) of 2024, India installed 367 MW of rooftop solar capacity . This accounts for a 10% quarter-over-quarter decrease from 406 MW and a 24% year-over-year drop from 485 MW, according to Mercom India’s Q1 2024 India Rooftop Solar Market Report.