Khaitan & Co Advised Axis Mutual Fund On Acquiring Minority Stake In Premier Energies For ₹846 Cr

Khaitan & Co Advised Axis Mutual Fund on Acquiring Minority Stake in Premier Energies for ₹846 Cr

Khaitan & Co advised Axis Mutual Fund on acquiring a minority stake in Premier Energies for ₹846 crores in a pre-IPO round, through secondary investment from South Asia Growth Fund II.

Premier Energies is an integrated solar cell and solar module manufacturing company, backed by GEF Capital, a Washington, D.C.-based private equity investor.

The company allocated 1,88,02,666 equity shares to anchor investors at ₹450 per equity share. "Out of the total allocation of 1,88,02,666 equity shares, 88,34,356 equity shares were allocated to 17 domestic mutual funds through various schemes."

Half of the issue size is reserved for qualified institutional buyers (with 60 percent booked for the anchor book), 35 percent for retail investors, and the remaining 15 percent for non- institutional investors (high-net-worth individuals).

Investors South Asia Growth Fund I Holdings LLC, South Asia EBT Trust, and promoter Chiranjeev Singh Saluja are the selling shareholders in the offer-for-sale.

The company will utilize ₹968.6 crores out of the net fresh issue proceeds for establishing a 4 GW Solar PV TOPCon cell and a 4 GW Solar PV TOPCon module manufacturing facility in Hyderabad; the remaining funds will be used for general corporate purposes.

The Khaitan & Co core team advising on the transaction consisted of Partner Tanushree Bhuwalka, Principal Associate Soumil Garg, Associates Kritika Parakh and Viraj Puri, with assistance from Partners Vineet Shingal and Subhayu Sen (Strategy).