Waaree Energies, a leading solar PV module manufacturer, has secured approval from the Securities and Exchange Board of India (SEBI) for its upcoming initial public offering (IPO). The IPO will include a fresh issue of equity shares amounting to Rs 30 billion and an offer for sale of up to 3.2 million equity shares, each with a face value of Rs 10.

According to the company's press release, the proceeds from the IPO will be used to partially finance the establishment of a 6-GW manufacturing facility for ingot wafers, solar cells, and solar PV modules in Odisha. The remaining funds will be allocated for general corporate purposes.

The offer for sale will include up to 2.7 million shares from Waaree Sustainable Finance, 450,000 shares from Chandurkar Investments, and 50,000 shares from Samir Surendra Shah.

Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities (India), SBI Capital Markets, Intensive Fiscal Services, and ITI Capital have been appointed as the Book Running Lead Managers for the issue. (ET)