ACME Solar gets SEBI nod for IPO

ACME Solar Holdings Limited has received regulatory approval to launch its IPO. ICICI Securities, Citigroup Global Markets India and Deutsche Equities India are the merchant bankers managing the IPO. The company plans to issue shares worth Rs 22 billion and the proceeds from the offering would be utilised to repay its debts, including a loan of Rs 4.36 billion from Piramal Finance Innovador Traders Private Limited. The company also aims to repay a loan of Rs 5.41 billion availed of from its promoter ACME Cleantech. It has kept aside Rs 8.7 billion for funding EPC works for the Bhadla Solar Park in Rajasthan and the remaining amount for meeting general expenses.