ACME Solar Holdings Limited has successfully concluded its Qualified Institutional Placement (QIP) raising INR 2,800 crore. This represents the company's first equity capital raise since its listing in 2024.
The QIP transaction received strong participation from a diversified mix of existing and new marquee investors, including leading domestic mutual funds (SBI Mutual Fund, Nippon MF, HDFC MF, ICICI Prudential MF, Kotak MF), major insurance companies (SBI Life Insurance, ICICI Prudential Life Insurance), and foreign institutional investors (BlackRock, Amundi, Goldman Sachs, Abu Dhabi Investment Authority, Pictet).
The proceeds from the QIP will be utilized to reduce leverage and enhance the overall balance sheet strength of the company. The transaction reflects investor conviction in the company's execution capabilities and visible capacity expansion pipeline.
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 the Company, while Cyril Amarchand Mangaldas and Hogan Lovells were the Legal Counsels to the Book Running Lead Managers.
Company Background
ACME Solar Holdings Limited is an integrated renewable energy player with an aggregated contracted capacity of 8,070 MW. The company develops, builds, owns, operates, and maintains utility scale renewable energy projects through its in-house engineering, procurement and construction division and operation and maintenance team. The company generates stable, long-term revenue through fixed-tariff power purchase agreements for the sale of electricity to various off-takers, including central and state government-backed entities.
Disclosure Note
The company has specified that this submission is voluntary and not to be considered as an intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.