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Adani-backed Vishakha Renewables files Rs 1,250-crore IPO papers
Vishakha Renewables makes parts used in solar projects.
The company wants to sell shares to the public through an IPO.
It plans to raise Rs 1,250 crore through new shares.
Some current shareholders, including Adani Properties, may also sell their shares.
The company may first raise up to Rs 250 crore in a pre-IPO placement.
If that happens, the public share sale would become smaller.
Vishakha Renewables plans to use Rs 900 crore to reduce its loans.
The company had borrowings of about Rs 2,700.57 crore as of June 30, 2026.
Vishakha Renewables has filed draft IPO papers with Sebi to raise Rs 1,250 crore through a fresh share issue.
The IPO will also include an offer-for-sale of up to 1.82 crore shares by promoters and an existing shareholder.
Adani Properties, a promoter of Vishakha Renewables, will sell shares through the offer-for-sale.
The company may conduct a pre-IPO placement of up to Rs 250 crore, which would reduce the fresh issue size if completed.
Vishakha Renewables plans to use Rs 900 crore of the fresh issue proceeds to repay or pre-pay borrowings.
- Who
- Adani Group-promoted Vishakha Renewables Ltd, with Adani Properties among the selling shareholders.
- What
- The company filed draft papers for a Rs 1,250-crore IPO comprising a fresh issue and an offer-for-sale.
- Where
- New Delhi; the filing was made with India’s capital markets regulator, Sebi.
- When
- The draft red herring prospectus was filed on Wednesday; the article reports borrowings as of June 30, 2026.
- Why
- The company plans to use Rs 900 crore of the fresh issue proceeds to repay or pre-pay borrowings, with the balance for general corporate purposes.
Key facts
- Proposed IPO size
- Rs 1,250 crore fresh issue, plus an offer-for-sale of up to 1.82 crore shares
- Potential pre-IPO placement
- Up to Rs 250 crore
- Debt repayment allocation
- Rs 900 crore from the fresh issue proceeds
- Outstanding borrowings
- Rs 2,700.57 crore as of June 30, 2026
- Selling promoter
- Adani Properties Pvt Ltd
- Business
- Solar component manufacturing
Sources
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