ReNew Power files DRHP with SEBI to raise Rs 2,600 crore

Reliance New Power has filed a draft red herring Prospectus (DRHP) with Securities and Exchange Board of India (Sebi) for an Initial Public Offering (IPO) to raise Rs 2,600 crore.

The IPO has fresh issue of shares and an offer for sale of 9.43 crore shares by existing shareholders, including Global Environment Fund, Green Rock Energy and GS Wyvern Holdings, an investment arm of Goldman Sachs.

The equity shares will have a face value of Rs 10 each.

As per the plans, proceeds from the issue will be utilised to finance acquisitions and other strategic initiatives, redemption of certain debentures issued by the company and its subsidiaries, and for general corporate purposes.

Founded in 2011 by Sumant Sinha, a former chief operating officer at Suzlon Energy, ReNew Power already has 2,600 MW of commissioned and under construction clean energy projects across India. The company develops, builds, owns and operates utility scale wind and solar energy projects as well as distributed solar energy projects that generate energy for commercial and industrial customers.

Kotak Mahindra Capital Company, DSP Merrill Lynch, Goldman Sachs (India), JM Financial, JP Morgan India, HSBC Securities and Capital Markets (India), IDFC Bank, UBS Securities India and YES Securities (India) are the book running lead managers to the issue.

Securities and Exchange Board of India ( SEBI )