Gurgaon-based ACME Solar Holdings has received markets regulator Securities and Exchange Board of India's (SEBI) approval to raise funds through an initial public offering (IPO). The company's shares are proposed to be listed on the BSE and NSE.
The company, which filed the draft red herring prospectus with the SEBI in September, got the regulator's approval on December 15. The objects of the Offer is to pay debt and to finance the company's 200 MW solar power project in Rajasthan and for other general corporate purposes. The lead managers for the issue are ICICI Securities, Citigroup Global Markets India and Deutsche Equities India.
ACME Solar is one of the largest solar power producers in India, having a portfolio of operational and under-construction projects with total capacity of 2,351 megawatt peak, or 1,814 megawatt. It aims to develop and operate on-grid solar power projects using the latest photovoltaic technology.