PREMIER ENERGIES LIMITED INITIAL PUBLIC OFFERING TO OPEN ON TUESDAY, AUGUST 27, 2024
The total offer size includes a Fresh Issue aggregating
up to ₹12,914 million (“Fresh Issue”)
and an Offer for Sale of up to 34,200,000 Equity Shares (“Offer for Sale”) (the “Offer”).
The Anchor Investor
Bidding date shall be on Monday, August 26, 2024 and the Bid Offer will be closed on Thursday, August 29, 2024.
The Price band of the Offer
is ₹ 427 to ₹ 450 per Equity Share (“Price
Band”).
Bids can be made for a
minimum of 33 Equity Shares and in multiples of 33 Equity Shares thereafter (“Bid Lot”).
The Company proposes to utilise net proceeds
from the Fresh Issue towards -
(i) Investment
in its Subsidiary, Premier Energies Global Environment Private Limited for
part-financing the establishment of a 4 GW Solar PV TOPCon Cell and 4 GW Solar
PV TOPCon Module manufacturing facility in Hyderabad, Telangana, India estimated
to be ₹
9,686.03
million to be deployed
in FY 2025 and FY 2026; and (ii) General corporate
purposes (the “Objects of Offer”)
The Offer for Sale of
up to 34,200,000 Equity Shares comprises up to 26,827,200 Equity Shares by
South Asia Growth Fund I Holdings LLC, up to 172,800 Equity Shares by South
Asia EBT Trust (the “Investor Selling
Shareholder”) and up to 7,200,000
Equity Shares by Chiranjeev Singh Saluja. (“the
Promoter Selling Shareholder”) (together
the “Selling Shareholders”).
A discount of ₹ 22
per Equity Share is being offered to Eligible Employees bidding in the Employee
Reservation Portion (“Employee
Reservation Portion Discount”).
The Equity Shares are
being offered through the Red Herring Prospectus of the Company dated August
20, 2024 (“Red Herring Prospectus” / “RHP”) filed with the
Registrar of Companies, Telangana at Hyderabad (“ROC”), SEBI and the Stock Exchanges.
The Equity Shares
offered through the Red Herring Prospectus are proposed to be listed on the
stock exchanges being BSE Limited (“BSE”)
and National Stock Exchange of India Limited (“NSE”, and together with the BSE, the “Stock Exchanges”). For the purposes of the Offer, the Designated
Stock Exchange shall be BSE.
The Offer is being made
in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957,
as amended (the “SCRR”), read with
Regulation 31 of the SEBI ICDR Regulations. The Offer is being made through the
Book Building Process in accordance with Regulation 6(1) of the SEBI ICDR
Regulations wherein not more than 50% of the Net Offer shall be available for
allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (the “QIB Portion”), provided that our Company, in consultation with the
BRLMs, may allocate up to 60% of the QIB Portion to Anchor Investors on a
discretionary basis (the “Anchor
Investor Portion”), of which one-third shall be reserved for domestic
Mutual Funds, subject to valid Bids being received from domestic Mutual Funds
at or above the price at which allocation is made to Anchor Investors (“Anchor Investor Allocation Price”). In
the event of under-subscription or non-allocation in the Anchor Investor Portion,
the balance Equity Shares shall be added to the remaining QIB Portion (“Net QIB Portion”).
Further, 5% of the Net
QIB Portion shall be available for allocation on a proportionate basis only to
Mutual Funds, subject to valid Bids being received at or above the Offer Price,
and the remainder of the Net QIB Portion shall be available for allocation on a
proportionate basis to all QIBs (other than Anchor Investors), including Mutual
Funds, subject to valid Bids being received at or above the Offer Price.
Further, not less than
15% of the Net Offer shall be available for allocation to Non-Institutional
Investors (“NIIs”) (“Non-Institutional Category”) of which
one-third of the Non-Institutional Category shall be available for allocation
to Bidders with a Bid size of more than ₹200,000 and up to ₹1,000,000 and
two-thirds of the Non-Institutional Category shall be available for allocation
to Bidders with a Bid size of more than ₹1,000,000 and under-subscription in
either of these two subcategories of Non-Institutional Category may be
allocated to Bidders in the other sub-category of Non-Institutional Category in
accordance with the SEBI ICDR Regulations, subject to valid Bids being received
at or above the Offer Price. Further, not less than 35% of the Net Offer shall
be available for allocation to Retail Individual Investors (“RIIs”) (“Retail Category”), in accordance with the SEBI ICDR Regulations,
subject to valid Bids being received from them at or above the Offer Price.
All Bidders (except
Anchor Investors) shall mandatorily participate in the Offer only through the
Application Supported by Blocked Amount (“ASBA”)
process and shall provide details of their respective bank account (including
UPI ID (defined hereinafter) in case of UPI Bidders (defined hereinafter)) in
which the Bid Amount will be blocked by the Self Certified Syndicate Banks (“SCSBs”) or the Sponsor Bank(s), as the
case may be. Anchor Investors are not permitted to participate in the Offer
through the ASBA process. For details, see “Offer
Procedure” beginning on page 495 of the Red Herring Prospectus.
Kotak Mahindra Capital
Company Limited, J.P. Morgan India Private Limited and ICICI Securities Limited
are the Book Running Lead Managers to the Offer (“BRLMs”).
All capitalized terms used herein but not defined
shall have the same meaning as ascribed to them in the RHP.
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