The issue includes a fresh issue of equity shares worth Rs 1,350 crore as well as an offer for sale of 40,07,500 equity shares by existing shareholders and promoters.
The proceeds from the fresh issuance worth Rs 978.36 crore and Rs 184.23 crore will be utilised to finance the cost of setting up a 2 GW per annum solar cell manufacturing facility and a 1 GW per annum solar PV module manufacturing facility in Degam village, Chikhli, Gujarat. The remaining proceeds will be used for general corporate purposes, the company said.
Waaree Energies is focused on PV module manufacturing, with an aggregate installed capacity of 2 GW as of March 31, 2021, as per the draft papers. The company currently operates three manufacturing facilities comprising four factories in India at Surat Tumb and Nandigram.
The company claims to have an excellent track record of manufacturing quality and technologically advanced PV modules, involving trained and skilled manpower and work practices focused on innovation.
For financial year 2020-2021, Waree’s revenue from operations stood at Rs 1,952.78 crore against Rs 1,995.78 crore a year ago. Net profit came in at Rs 48.19 crore, up from Rs 39.02 crore a year ago.
Waree is also in the process of setting up another manufacturing facility at Chikhli, Gujarat. The proposed addition of 3 GW PV module manufacturing capacity is expected to be operational by the end of fiscal 2022, and the 4 GW solar cell manufacturing capacity is expected by the end of fiscal 2023.
Axis Capital, HSBC Securities and Capital Markets, ICICI Securities and Intensive Fiscal Services are the merchant bankers to the issue.
