Khaitan & Co Advised Book Running Lead Managers on Proposed IPO of Saatvik Green Energy
Khaitan & Co advised Book Running Lead Managers DAM Capital, Ambit, and Motilal Oswal Investment Advisors on Saatvik Green Energy's proposed IPO worth ₹1,150 crores, which includes a fresh issue and an offer for sale.
Khaitan & Co Advised Book Running Lead Managers on Proposed IPO of Saatvik Green Energy
Khaitan & Co advised the Book Running Lead Managers, DAM Capital Advisors Limited, Ambit and Motilal Oswal Investment Advisors on the proposed IPO of Saatvik Green Energy, comprising a fresh issue and an offer for sale aggregating up to INR 11,500 million.
The IPO includes a fresh issue of equity shares aggregating ₹850 crores and an offer for sale (OFS) of ₹300 crores. Promoters Pramod Kumar and Sunila Garg will be offloading their stake through the OFS.
The proceeds from the fresh issue are earmarked for various purposes: ₹12.3 crores will go toward prepayment or repayment of certain borrowings, ₹95.75 crores will be invested in its subsidiary, Saatvik Solar Industries Private Limited, to address outstanding debts, and ₹552.7 crores will fund the establishment of a 4 GW solar PV module manufacturing facility in Odisha.
Saatvik Green Energy, a prominent solar module manufacturer with an operational capacity of 1.8 GW, is recognized as one of India's fastest-growing module manufacturers, according to a CRISIL report. The company boasts expertise in both module manufacturing and engineering, procurement, and construction (EPC).
The Khaitan & Co. deal team was led by Partners Gautham Srinivas and Sathvik Ponnappa, supported by Senior Associate Sanjeev Chowdhary, Associates Abhishek Singh, Vaishnavi Gupta, Manasvini Mukund, Sarvesh Sharma, Shambhavi Gautam, and Vidushi Tanya, with assistance from Mainak Pani.