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					</table><p>Solar module manufacturer <a href="https://waaree.com/" target="_blank" rel="noopener">Waaree Energies</a> has proposed divesting 1.15% of its shares in its solar cell manufacturing unit <a href="https://www.indosolar.co.in/" target="_blank" rel="noopener">Indosolar</a>.</p>
<p>The divestment includes an offer for sale (OFS) of 476,495 shares of Indosolar, each with a face value of ₹10 (~$0.116) per share.</p>
<p>The OFS for retail investors will take place on June 6, 2025, while non-retail investors were allowed to place their bids on June 5.</p>
<p>Waaree holds 96.15% of shares in Indosolar.</p>
<p>The company had <a href="https://www.mercomindia.com/waaree-energies-gets-legalsolar-cell-producer-indosolar" target="_blank" rel="noopener">acquired</a> Indosolar in 2022 following approval from the National Company Law Tribunal.</p>
<p>With the exception of mutual funds registered with the Securities and Exchange Board of India, no single bidder will be allocated more than 25% of the offer shares.</p>
<p>At least 25% of the offer shares will be reserved for mutual funds and insurance companies. If the portion of shares remains unsubscribed, it will be made available to other bidders.</p>
<p>A minimum of 10% of the OFS will be reserved for the retail investors who can bid for shares with a total value of ₹200,000 (~$2,329.02).</p>
<p>If the cumulative bids by an individual investor across the retail and non-retail categories exceed ₹200,000 (~$2,329.02), the bids in the retail category will be cancelled.</p>
<p>In January 2025, Waaree <a href="https://www.mercomindia.com/waaree-energies-acquires-enel-india" target="_blank" rel="noopener">entered</a> into a share purchase agreement with Enel Green Power Development to acquire 100% of the share capital of Enel Green Power India for ₹7.92 billion (~$91.73 million). Enel Green Power India owns solar and wind projects portfolio totaling 640 MWac (760 MWdc), including operational and projects under development in the country.</p>
<p>In the fourth quarter of the financial year 2025, Waaree’s module and cell production <a href="https://www.mercomindia.com/waaree-energies-income-up-q4-fy25" target="_blank" rel="noopener">stood</a> at 2.06 GW compared to 1.35 GW in the corresponding quarter last year. The company’s manufacturing capacity encompasses 15 GW of solar modules and 5.4 GW of solar cells. It has an order book of around 25 GW worth about ₹470 billion (~$5.49 billion) stepping into the next financial year.</p>



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					</table><p>Kolkata-based solar module manufacturer <a href="https://www.vikramsolar.com/" target="_blank" rel="noopener">Vikram Solar</a> has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its Initial Public Offering (IPO).</p>
<p>The company <a href="https://www.mercomindia.com/vikram-files-15-billion-ipo" target="_blank" rel="noopener">filed</a> the draft red herring prospectus for the IPO in October 2024.</p>
<p>The IPO will consist of a fresh issue of equity shares worth up to ₹15 billion (~$176.25 million) and an offer for sale (OFS) of up to 17.45 million equity shares by the promoter and promoter group selling shareholders. The face value of each equity share is ₹10 (~$0.11).</p>
<p>The proceeds from the fresh issue will be primarily utilized for capital expenditure through investment in Vikram Solar’s wholly owned subsidiary, VSL Green Power. Out of the total amount, ₹7.93 billion (~$92.42 million) will be deployed for partial funding of an integrated solar cell and module manufacturing facility.</p>
<p>This facility will have a capacity of 3 GW each for solar cells and modules. An additional ₹6.03 billion (~$70.85 million) from the IPO proceeds will be allocated for the expansion of the solar module manufacturing facility already established under phase I at the same site.</p>
<p>This expansion, designated as Phase II of the project, will double the existing module capacity from 3 GW to 6 GW. Both investments will be routed through VSL Green Power. The remaining funds will be used for general corporate purposes.</p>
<p>Vikram Solar has a total installed manufacturing capacity of 4.50 GW for solar modules. It plans to scale up its total manufacturing capacity to 10.50 GW by fiscal 2026 and to 15.50 GW by fiscal 2027. As part of a backward integration strategy, Vikram Solar is also setting up a 3 GW solar cell manufacturing facility in Tamil Nadu.</p>
<p>Earlier this year, Vikram Solar <a href="https://www.mercomindia.com/vikram-solar-boosts-module-production-with-1-gw-expansion-in-west-bengal" target="_blank" rel="noopener">increased</a> the manufacturing capacity of its Falta facility in West Bengal by 1 GW.</p>


Vikram Solar Gets SEBI Approval for IPO to Fund Expansion Plans


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					</table><p>Kolkata-based solar module manufacturer <a href="https://www.vikramsolar.com/" target="_blank" rel="noopener">Vikram Solar</a> has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India to raise funds of up to ₹15 billion (~$178.9 million) through an initial public offering (IPO).</p>
<p>The IPO also has an offer for sale (OFS) of up to 17.45 million equity shares by the promoter group.</p>
<p>With a face value of ₹10 (~$0.12) per share, the IPO will offer a reservation for eligible employees and a discount for those participating in the employee subscription segment. The company also considers issuing securities worth up to ₹3 billion ($35.7 million) as part of a &#8220;pre-IPO placement&#8221; in consultation with the book-running lead manager.</p>
<p>The offering will follow a book-building process, with up to 50% of shares allocated to qualified institutional buyers, a minimum of 15% for non-institutional bidders, and at least 35% for retail investors.</p>
<p>Vikram Solar plans to utilize the net proceeds from the fresh issuance for several key investments, including ₹7.93 billion (~$94.6 million) for capital expenditure through its wholly owned subsidiary, VSL Green Power, to establish a 3,000 MW solar cell and module manufacturing facility.</p>
<p>Additionally, ₹6.03 billion (~$71.9 million) will be allocated to expand the company&#8217;s existing module manufacturing capacity from 3,000 MW to 6,000 MW, with the remaining funds used for general corporate purposes.</p>
<p>Nuvama Wealth Management will be the book-running lead manager for the IPO, and Link Intime India will serve as the registrar.</p>
<p>The company <a href="https://www.mercomindia.com/vikram-solar-sebis-nod-initial-public-offering/" target="_blank" rel="noopener">received</a> a nod from the market regulator in August 2022 to raise funds through IPO.</p>
<p>Vikram Solar has a 3.5 GW module manufacturing capacity. The company said it plans to boost its production capacity to 10.5 GW by FY 2026 and 15.5 GW by FY 2027. This includes a 3 GW solar cell manufacturing facility in Tamil Nadu.</p>
<p>According to Mercom&#8217;s <a href="https://www.mercomindia.com/leading-solar-epc-companies-1h-2023/" target="_blank" rel="noopener">India Solar Market Leaderboard 1H 2023</a>, Vikram Solar was among the top utility-scale solar engineering, procurement, and construction service providers in the first half of 2023.</p>


Solar Module Manufacturer Vikram Solar Files for ₹15 Billion IPO


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					</table><p>The Indian government is set to divest up to 4.92% of its stake in the state-owned power company <a href="https://sjvn.nic.in/" target="_blank" rel="noopener">SJVN</a> through an Offer for Sale (OFS). The floor price for this stake has been set at ₹69 (~$0.83)/share.</p>
<p>This OFS plan involves the government&#8217;s sale of a base offer comprising 2.46% of the company&#8217;s equity, with an additional 2.46% retained as an oversubscription option. The offering will commence on September 21, targeting non-retail investors, followed by retail investors on September 22.</p>
<p>Additionally, the base offer consists of 96.6 million shares, each with a face value of ₹10 (~$0.12), which may be further supplemented by an extra sale of 96.6 million shares through a green shoe option.</p>
<p>The allocation of shares will be based on a price priority system involving multiple clearing prices. No single bidder, except mutual funds and insurance companies, will be allotted more than 25% of the offered shares.</p>
<p>The government holds a 59.92% equity stake in SJVN, and Himachal Pradesh 26.85%.</p>
<p>The stake sale by the government in SJVN is intended to align with the minimum public shareholding requirement mandated by the capital market regulator.</p>
<p>Recently, SJVN Green Energy <a href="https://cms.mercomindia.com/sjvn-bags-%E2%82%B970-billion-contract-1-2-gw-solar-projects/" target="_blank" rel="noopener">received</a> the letter of intent from the Punjab State Power Corporation to develop 1,200 MW of solar power projects. The company will develop 1,000 MW of solar projects anywhere in the country, and the balance of 200 MW will be developed in Punjab. The total cost of the contract is estimated to be nearly ₹70 billion (~$853.51 million).</p>
<p>SJVN <a href="https://www.mercomindia.com/sjvns-q1-net-profit-hydropower-projects-underperform" target="_blank" rel="noopener">registered</a> a net profit of ₹2.7 billion (~$32.5 million) during the first quarter of the financial year 2023-24, a year-over-year decrease of 55.5% from₹6.08 billion (~$73.1 million). The results were not as promising due to inadequate water availability in the Sutlej River, where two of its major hydropower projects are located.</p>
<p>In April, The Ministry of New and Renewable Energy <a href="https://www.mercomindia.com/sjvn-float-renewable-energy-tenders/" target="_blank" rel="noopener">designated</a> SJVN as the implementing agency responsible for floating tenders for renewable energy projects. It will also act as the intermediary procurer of power. SJVN will work with other agencies, such as SECI, NTPC, and NHPC, to float tenders and open bids to avoid concurrent bids.</p>


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