Continuum Green Energy has filed preliminary papers with capital markets regulator - Securities and Exchange Board of India (SEBI) for floating a Rs 3,650 crore initial public offering (IPO). The proposed IPO is a combination of a fresh issue of equity shares valued Rs 1,250 crore and an Offer for Sale (OFS) of equity shares worth Rs 2,400 crore by promoter Continuum Green Energy Holdings.
The company may consider raising Rs 250 crore in a Pre-IPO placement round. If such placement is completed, the fresh issue size will be reduced.
The company intends to utilize the funds from the fresh issue to repay or partially repay certain loans taken by its subsidiaries, including accrued interest, by investing Rs 1,100 crore in these subsidiaries. Additionally, a portion of the proceeds will be allocated for general corporate purposes.
Founded in 2007, Continuum Green Energy owns and operates large wind projects and large wind-solar co-located/hybrid projects in India.
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