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Sachin Tendulkar and others invest $18 Mn in Rayzon Solar at $844 Mn valuation

EntrackrEntrackr · 4m ago
Sachin Tendulkar and others invest $18 Mn in Rayzon Solar at $844 Mn valuation
Medial

Solar panel manufacturer Rayzon Solar is raising Rs 150 crore (approximately $18 million) in a new round from the individual investors including Harshadkumar Patel, cricket legend Sachin Tendulkar, and Divyang Patel, among others. The board at Rayzon Solar has passed a special resolution to issue 64,10,260 equity shares at an issue price of Rs 234 to raise Rs 150 crore or $18 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Harshadkumar Patel led the round with Rs 26.8 crore, followed by Sachin Tendulkar and Divyang Patel contributing Rs 5 crore each. Around 90 other individual investors also participated in the round, contributing through smaller cheques. The proceeds will be used to support the company’s business expansion and future growth plans, including meeting its long-term and short-term funding needs, as well as for general corporate purposes. Additionally, the company has also launched a new ESOP Plan 2025, which will consist of 1,00,00,000 employee stock options, filings stated. Each ESOP option will be converted into equity shares. According to Entrackr’s estimates, the newly added ESOP plan is valued at approximately Rs 234 crore (around $27.5 million). The Surat-based company will be valued at around Rs 7,170 crore or around $844 million post-allotment. This appears to be the maiden external funding round for the IPO-bound firm, as no prior funding history could be traced before this round. Founded in 2017, Rayzon Solar operates on both B2B and B2C models, manufacturing high-efficiency solar PV modules for distributors, EPC companies, and end users. The company caters to residential, commercial, and utility-scale projects across India and international markets. This funding round appears to be a pre-IPO raise, as the company is planning to go public and is expected to file its Draft Red Herring Prospectus (DRHP) soon, according to media reports. For the fiscal year ending March 2024, Rayzon Solar reported an operating revenue of Rs 1,273 crore and a net profit of Rs 61 crore, according to its standalone financial statements filed with the RoC.

Apollo Green Energy plans ₹1,500 crore capex to capitalize on India’s renewables push | Company Business News

LivemintLivemint · 9m ago
Apollo Green Energy plans ₹1,500 crore capex to capitalize on India’s renewables push | Company Business News
Medial

Apollo Group's engineering and construction division, Apollo Green Energy, plans to invest ₹1,500 crore in expanding its capacity and undertaking renewable energy projects for the government and public sector. The company aims to raise capital through an initial public offering in order to fund its expansion plans. Apollo Green Energy has already secured orders worth nearly ₹2,830 crore, primarily for solar projects. The company is optimistic about India's goal of reaching 500 GW of renewable energy capacity by 2030, which could potentially generate projects worth ₹1.25 trillion. Apollo Green Energy aims to increase its portfolio from ₹3,500 crore to ₹10,000 crore next year.

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