Kolkata-based solar cells and modules manufacturer Websol Energy System has approved the issue of 23,80,000 equity shares of ₹10 (~$0.126) each at an issue price of ₹105 (~$1.329).

The shares will be issued to the promoter Websol Green Projects and strategic/financial investor India Max Investment Fund in compliance with the Securities and Exchange Board of India (SEBI) provisions.

Websol Energy’s board of directors also approved a proposal to set up a solar cell and module-making plant of up to 1.8 GW capacity.

Websol said in a BSE filing that the capacity of cells and modules produced in the new plant would be based on high-efficiency mono passivated emitter and rear contact (PERC) and tunnel oxide passivated contacts (TOPCON) technologies.

The company would scrap the existing manufacturing facilities to set up the new production plant if required. It said it was in talks with power generators to supply solar cells and modules on a long-term basis.

Websol started producing solar cells of 1 MW in the mid-90s and ramped up its manufacturing portfolio with 250 MW solar cells and 250 MW modules. The company said it was working to produce 175 MW of solar cells and 135 MW of modules for the financial year 2021-2022.

Websol reported a net profit of ₹678.3 million (~$9.3 million) for the financial year 2021, including the exceptional items of ₹553.1 million (~$7.6 million) considered in the third quarter of 2020 as a result of write-back (reduced credit balance claimed as income).

Last September, Websol said that the Ministry of New and Renewable Energy (MNRE) approved the company’s modules under the Approved List of Module Manufacturers (ALMM).

The government has been promoting the domestic manufacturing of solar cells and modules. In April, the Ministry of Power also issued an expression of interest to set up manufacturing zones for power and renewable energy equipment.