Satvik Green Energy is bringing IPO, investors should keep their money ready, there is a chance of getting huge returns, know the details of the company.

Business Desk. Solar panel maker Satvik Green Energy has filed preliminary documents with capital markets regulator SEBI to raise Rs 1,150 crore through an initial public offering (IPO).

According to the draft red herring prospectus (DRHP) filed, the proposed IPO of the Haryana-based company is a combination of fresh issue of shares worth Rs 850 crore and an offer for sale (OFS) of Rs 300 crore by promoters. Currently, promoters hold more than 90 percent stake in the company.

What are the objectives of the schemes?

The funds raised will be used to repay debt, invest as debt or equity in subsidiary Satvik Solar Industries, set up a 4 GW solar PV module manufacturing plant in Odisha and for general corporate purposes.

About Satvik Green Energy

Satvik Green Energy is a solar photovoltaic module manufacturer. The operational capacity is about 1.8 GW. The company provides end-to-end engineering, procurement and construction services for solar projects, including ground-mounted solar installations and rooftop solar installations.

According to the CRISIL report cited in the draft papers, renewable energy installations (including large hydro) are expected to increase from 63 GW in March 2012 to about 191 GW by March 2024, of which solar power will account for 43 per cent by March 2024.

In FY2024, solar capacity is expected to increase to 15 GW with an addition of 3 GW from grid-connected rooftop solar projects.