Continuum Green Energy has received the Securities and Exchange Board of India’s (SEBI's) approval to raise Rs 3,650 crore through an 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 of shares worth Rs 2,400 crore by promoter Continuum Green Energy Holdings.
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. Kotak Mahindra Capital Company, Ambit, Citigroup Global Markets and JM Financial are the book-running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE.
Continuum Green identifies, develops, constructs and operates renewable energy projects in India, with a focus on supplying green power to commercial & industrial (C&I) consumers, in addition to state and central distribution utilities and power exchanges.