Acme Solar Holdings Limited has concluded a Rs 2,800 crore Qualified Institutional Placement (QIP), its first equity fundraising since listing on the BSE and NSE in 2024. The QIP marked Acme Solar Holdings Limited's debut capital raise through the institutional placement route since its public listing.
The QIP attracted subscriptions from a diversified set of domestic and international institutional investors. Domestic mutual funds including SBI Mutual Fund, Nippon MF, HDFC MF, ICICI Prudential MF, and Kotak MF participated in the issue. Insurance companies such as SBI Life Insurance and ICICI Prudential Life Insurance also invested. Foreign institutional investors including BlackRock, Amundi, Goldman Sachs, Abu Dhabi Investment Authority, and Pictet subscribed to the QIP.
Acme Solar Holdings Limited will deploy the net proceeds from the QIP to reduce leverage and strengthen its overall balance sheet. The capital infusion supports Acme Solar Holdings Limited's capacity expansion plans.
ICICI Securities Limited and IIFL Capital Services Limited acted as the Book Running Lead Managers for the QIP. Shardul Amarchand Mangaldas & Co served as legal counsel to Acme Solar Holdings Limited, while Cyril Amarchand Mangaldas and Hogan Lovells advised the Book Running Lead Managers.
Acme Solar Holdings Limited is an integrated renewable energy company with an aggregated contracted capacity of 8,070 MW. Acme Solar Holdings Limited operates an in-house engineering, procurement, and construction division and an operations and maintenance team. Revenue is generated through long-term fixed-tariff power purchase agreements with central and state government-backed entities across India.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.