Rays Power Infra Limited, a solar company based in Mumbai, has filed its Draft Red Herring Prospectus (DRHP) with Securities Exchange Board of India (SEBI), the capital market regulator, to raise funds for its initial public offering (IPO).
The IPO, having a face value of Rs 10, consists of a fresh issue of equity shares amounting to Rs 300 crore.
Offer for sale
The IPO includes an offer for sale (OFS) of up to 2.99 million shares by Promoter Selling Shareholders.
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Within the offer for sale, Ketan Mehta plans to sell up to 1.4 million shares, while Pawan Kumar Sharma and Sanjay Garudapally aim to offer up to 7.78 lakh shares each.
The Offer is conducted through the Book Building Process, allocating not more than 50 per cent of the Offer to Qualified Institutional Buyers on a proportional basis. Additionally, at least 15 per cent of the Offer will be available for allocation to Non-Institutional Bidders, while a minimum of 35 per cent is reserved for Retail Individual Bidders.
The funds generated from the fresh issue, amounting to Rs 210 crore, will be utilized to support the Company's increased working capital needs and for general corporate purposes.
Financial Highlights
In fiscal year 2022–23, the company recorded a rise in revenue from operations, reaching Rs 776.58 crore compared to Rs 544.42 crore in fiscal year 2021–22. The Profit after Tax surged to Rs 131.04 crore in Fiscal 2023 from Rs 8.09 crore in Fiscal 2022.
As of June 30, 2023, the revenue from operations for the three-month period amounted to Rs 85.92 crore, while the profit after tax was reported at Rs 2.49 crore.
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