Co plans to file IPO papers in five months
NEW DELHI, July 24 (The CONNECT) – Rays Power Infra, a leading player in the solar EPC and turnkey solutions sector, announced the closure of an equity fund raise of INR 127 crores.
The company did not specify the price at which the equity shares were allotted nor did it announce the list of investors.
Rays Power said in a press release that the recent funding round saw participation from a diverse array of investors, including high-net-worth individuals (HNIs), family offices, funds, and partners in Alternative Investment Funds (AIFs).
Despite this significant infusion of capital, the company managed to maintain a dilution of less than 5% in this round, demonstrating strong investor confidence and efficient capital management, it claimed.
Ketan Mehta, Managing Director and CEO of Rays Power Infra, said being a debt-free company, this funding round will significantly enhance the company’s ability to develop many more solar and wind parks with a capacity of around 3 gigawatts. Rays Power will also invest in both backward and forward integration of our business, paving the way for numerous exciting projects soon, he said.
The company is gearing up to file its Draft Red Herring Prospectus (DRHP) in the last quarter of the year, while Rays Power Infra plans to keep raising more capital every year, aiming to grow at a compounded rate of over 50% in the coming years.
Sanjay Gupta, company Executive Director, said, the overwhelming response from the investors underscores their belief in Rays Power’s vision and strategy.
