Solar equipment maker Waaree Energy submits IPO papers

Mumbai-based solar equipment maker Waaree Energy has filed its draft red herring prospectus (DRHP) with market regulator Sebi to raise funds via IPO. The company plans fresh issue of equity shares worth ~1350 crore as well as an offer for sale (OFS) component. The company in a statement said, the Issue comprises a fresh Issue of equity shares of face value of ~10 each aggregating to ~1,350 crore and OFS of 4,007,500 eq shrs by existing shareholders & promoters. The proceeds from its fresh issuance worth ~978.36 crore and ~184.23 crore will be utilized to finance the cost of setting up a 2 gigawatt (GW) per annum solar cell manufacturing facility and a 1 GW per annum solar PV module manufacturing facility in Degam village, Chikhli, Gujarat.