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Insolation Energy to list on BSE’s SME platform, raise ₹22crore – EQ Mag Pro

Insolation Energy to list on BSE’s SME platform, raise ₹22crore – EQ Mag Pro

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Jaipur: The leading solar PV panel manufacturer of Rajasthan, Insolation Energy Ltd is set to hit the bourses to raise Rs 22 crore from the listing on the BSE’s SME platform. The company has a panel manufacturing capacity of 200 MW and is setting up another facility to make panels of 500MW.

Manish Gupta, chairman of the company, said, “Insolation Energy is the first company from Rajasthan going to launch its IPO on the BSE-SME segment. The company aims to raise around Rs 22.16 crore, of which about Rs 15.45 crore will be used to fulfil the working capital requirement, while Rs 6.71 crore will be used for general corporate purposes and issue expenses.”

Gupta said that for 2022-23, the company will require a working capital of about Rs 50.34 crore, out of which Rs 34.89 crore has been arranged from banks and internal accruals, while the remaining Rs 15.5 crore will be raised through IPO. This issue will open in September for investors. The company is currently manufacturing solar panels with a capacity of 200 MW and produces about 30,000 solar panels every month distributed in Rajasthan, Uttar Pradesh, Haryana, Delhi and Gujarat. It is marketed through more than 400 distributors and dealers.

During an investors’ meet in Jaipur, Vikas Jain, managing director of the company, said, “The company will open its new factory in the coming two-three months with the manufacturing capacity of 500 MW, in which large panels will be made with highly technical machines.”

Source: PTI
Anand Gupta Editor - EQ Int'l Media Network