BSE Withholds Solar91 Cleantech's Rs 106-Crore SME IPO
Date
12/23/2024 2:10:37 PM
(MENAFN- KNN India)
New Delhi, Dec 23 (KNN) The Bombay stock exchange (BSE) has postponed the initial public offering of Solar91 Cleantech, a Rajasthan-based solar energy solutions provider, following complaints that require further examination.
The IPO, which was scheduled for anchor investor bidding on December 23 and public subscription on December 24, has been delayed until further notice.
The Rs 106-crore public offering joins a growing list of small and medium enterprise (SME) IPOs facing increased scrutiny from the exchange, with companies like Trafiksol and C2C Advanced Systems having undergone similar examinations in recent times.
The BSE's decision came in response to various queries raised by complainants in the media, prompting a more thorough review of the offering.
Solar91 Cleantech, established in 2015 by four IIT graduates - Saurabh Vyas, Prateek Agrawal, Dhawal Gaurang Vasavada, and Sandeep Gurnani - has built a significant presence in the renewable energy sector.
The company has successfully commissioned 191 solar power plants across 13 Indian states and one in Kenya, Africa, achieving a total capacity exceeding 94 megawatts through both Engineering, Procurement, and Construction (EPC) and Independent Power Producer (IPP) models.
Narnolia Financial Services is serving as the merchant banker for the proposed public offering.
(KNN Bureau)
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