Renewable energy player, Rays Power Infra, has initiated the IPO journey by filing a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) on January 2. The solar power company plans to raise funds through an IPO, featuring a fresh issue of shares valued at Rs 300 crore and an offer-for-sale (OFS) of 29.95 lakh shares.
In the OFS, promoters Ketan Mehta, Sanjay Garudapally, and Pawan Kumar Sharma will collectively offer 29.95 lakh shares with a face value of Rs 10 each. Ketan Mehta intends to sell up to 14.47 lakh shares, while Sanjay Garudapally and Pawan Kumar Sharma will offload 7.78 lakh shares each.
The net proceeds, estimated at Rs 210 crore, will be directed towards meeting incremental working capital requirements, with the remaining funds allocated for general corporate purposes. As Rays Power Infra charts its course for an IPO, the solar company aims to bolster its financial foundation for advancing solar energy initiatives.