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Bright Solar named one of 10 Most Promising Solar Energy Consultants - 2018

Silicon India magazine has named Bright Solar Limited one of "10 Most Promising Solar Energy Consultants" for the year 2018. Bestowing this honour on the company, Silicon India published an article on Bright Solar with excerpts from an interview with our CMD, Piyush Babubhai Thumar. Here is the article in its entirety:

 

 

 

 

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Bright Solar becomes Empaneled Vendor of Solar Rooftop Systems

Bright Solar Limited is extremely proud to announce that it has been certified and approved by the Gujarat Energy Development Agency (GEDA) as an Empaneled Vendor of Solar Rooftop Systems for the year 2018-19. We have been empaneled under the Rate contract for Design, Supply, Installation, and commissioning of Grid-tied Rooftop Solar Photovoltaic Systems in residential, institutional, and social sectors, aggregating to 125 megawatts (MW). The empanelment also includes a five-year comprehensive maintenance contract in the state of Gujarat starting from 2018-19.

 

Bright solar will now be able to install solar rooftop systems in homes and institutions, helping bring solar power to the masses. Our customers will now be able to cut down on the stress caused by their electricity bills by adopting solar power generation technologies in their homes. The on-grid systems will also give users the opportunity to transfer surplus electricity generated by their systems to the grid and earn money from it. Furthermore, the governments of Gujarat and India have announced large subsidies on these systems, making it even more compelling for the general public to choose solar. We are extremely glad that now we will be able to further our dream of making India more reliant on renewable energy and creating a path for a sustainable future.



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At 8th AGM, Bright Solar Limited announces its dividend for the financial year 2017-18

Ahmedabad, Oct 3, 2018 – In accordance with the resolution passed by shareholders at the 8th Annual General Meeting (AGM), Bright Solar Limited has declared dividend at the rate of Rs. 0.10 paisa per share (1% of face value) out of the current profits of the year 2017-18 to those Equity shareholders whose names stand in the register of members as on 14th Day of September, 2018. (Record Date)

The Directors and the Company Secretary will deposit the dividend amount within 5 days from the date of declaration to a Dividend account opened with ICICI Bank, Ahmedabad for that purpose and shall comply with any other legal requirement in this regard including taking all necessary steps to ensure remittance of the dividend amount to the shareholders after complying with applicable Dividend Distribution Tax provisions, if any.

Amongst other developments at the AGM, the audited financial statements of the company, along with the reports of the Board of Directors and Auditors, have been approved by the members of the company. Furthermore, Mr. Dwarkadas Babubhai Thumar has been reappointed as the Whole-time Director, and Mrs. Jagrutiben Joshi has been appointed as a Non-Executive Director of the company after having served as an Additional Director of the company previously.

The shareholders voted to increase the borrowing limit of the company to Rs. 100 crores under Section 180 (1) (C) of Companies Act, 2013. They have also given their consent to the company for material related party transaction party in ordinary course of business for a consideration up to Rs. 5 crore for the financial year 2018-19.

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બ્રાઇટ સોલરનું એનએસઇ ઇમર્જ ઉપર મજબૂત લિસ્ટિંગ

અમદાવાદ, 9 જુલાઇ, 2018 – અમદાવાદ સ્થિત સોલર વોટર પમ્પિંગ અને એનર્જી કંપની બ્રાઇટ સોલર લિમિટેડ (બીએસએલ) આજે એનએસઇ એસએમઇ ઇમર્જ પ્લેટફોર્મ ઉપર લિસ્ટ થઇ હતી. ટ્રેડિંગના પ્રથમ દિવસે બ્રાઇટ સોલરનો શેર રૂ. 36.60ના સ્તરે ખુલીને રૂ. 38.40ના સ્તરે સ્પર્શીને રૂ. 36.95ના સ્તરે બંધ આવ્યો હતો. ઉલ્લેખનીય છે કે કંપનીનો આઇપીઓ 1.76 ગણો ભરાયો હતો તથા 54,00,000 શેરની સામે 94,10,000 એપ્લીકેશન મળી હતી.

બેલ રિંગિંગ સેરેમનીમાં એનએસઇના વાઇસ પ્રેસિડેન્ટ શ્રી આશિષ ગોયલ, બીલાઇનના શ્રી નિખિલ શાહ, સીએ વિકાસ જૈન, બ્રાઇટ સોલર લિમિટેડના ડિરેક્ટર્સ શ્રી પિયુષકુમાર બાબુભાઇ થુમર (સીએમડી), શ્રી દ્વારકાદાસ થુમર (એક્ઝિક્યુટિવ ડિરેક્ટર) અને શ્રી ફુલકુમાર સલુજા (સ્વતંત્ર ડિરેક્ટર) ઉપસ્થિત રહ્યાં હતાં.

એનએસઇના પ્રતિનિધિ તરીકે શ્રી આશિષ ગોયલે રોકાણકારોને સોલર એનર્જીમાં રોકાણ કરવા તેમજ એનએસઇ ઇમર્જ પ્લેટફોર્મ મારફતે વધુ એસએમઇને આઇપીઓ લાવવા માટે પ્રોત્સાહિત કરી હતી. આ પ્રસંગે શ્રી પિયુષકુમાર બાબુભાઇ થુમરે તમામ રોકાણકારો અને જનતાનો સકારાત્મક પ્રતિસાદ આપવા બદલ આભાર વ્યક્ત કર્યો હતો. તેમણે જણાવ્યું હતું કે બ્રાઇટ સોલર લિમિટેડ લોકોના સહયોગથી મજબૂત આગેકૂચ કરશે.

આઇપીઓ દ્વારા એકત્ર કરાયેલા ભંડોળનો ઉપયોગ પ્રસ્તાવિત સોલર પીવી મોડ્યુલ્સ /પેનલ્સના સ્ટેમ્પિંગ અને રજીસ્ટ્રેશન સહિત જમીન સંપાદન, કાર્યકારી મૂડીની જરૂરિયાતો સહિતના ખર્ચને પૂર્ણ કરવા માટે કરાશે.

 

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BRIGHT SOLAR MAKES CAPITAL MARKET DEBUT ON NSE EMERGE

Ahmedabad, July 9, 2018 - Solar water pumping and energy company, Bright Solar Limited (BSL) was publicly listed on the NSE SME Emerge share trading platform today.

To mark the occasion, the Bell Ringing Ceremony was held at Hotel Courtyard by Marriott today morning. The event was graced by dignitaries viz, Mr. Ashish Goyal (Vice President, NSE), Mr. Nikhil Shah from Beeline, CA Vikash Jain (Founding Partner, V Can & co), along with Directors from Bright Solar Limited - Mr. Piyushkumar Babubhai Thumar (CMD), Mr. Dwarkadas Thumar (Executive Director) and Mr. Phoolkumar Saluja (Independent Director).

 

As the representative for the NSE, Mr. Ashish Goyal gave a rousing address encouraging investors to invest in solar energy and also inviting small and medium industries to go public through the NSE Emerge platform. Mr. Piyushkumar Babubhai Thumar gave his vote thanks to all the investors and the public for their positive and encouraging response. He shared that the vision of Bright Solar Limited will be furthered through public support.

 

On the first day of trading, Bright Solar shares opened at a price of Rs 36.60, reaching a high of Rs 38.40, before closing at a price of Rs 36.95.

 

The listing comes as a result of the company’s successful Initial Public Offering (IPO) which took place between 26th and 29th June, 2018. The IPO was extremely successful with 94,10,000 application bids received against 54,00,000 shares. Hence, the issue was oversubscribed by 1.76 times.

 

To finance its plans for acquisition of land including stamping and registration for proposed solar PV Modules/panels manufacturing project, working capital and general corpus fund needs, BSL had come out with a maiden IPO of 5400000 equity shares of Rs. 36 per share to mobilize Rs. 19.44 cr. Issue constituted 26.47% of the post issue paid up capital of the company. Minimum application allowed was for 3000 shares and in its multiples, thereafter. Issue was solely lead managed by Swastika Investment Ltd. Alankit Assignments Ltd. was the registrar to the issue. The advisor to the issue was ProEx Advisors LLP.

 

 

 

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Bright Solar Goes Public with Initial Public Offer (IPO)

BRIGHT SOLAR TAPPING MARKETS THROUGH IPO TO RAISE Rs. 19.44 cr.

Incorporated in 2010, Gujarat based Bright Solar Limited is a company engaged in assembling of DC/AC Solar Pumps and Solar Pump Systems under the registered brand name of "PUMPMAN", "BRIGHT SOLAR", and "BRIGHT SOLAR WATER PUMP". The company is also engaged in EPC contracts of Solar Photovoltaic Water pumps which include supplying, installing and commissioning of the pump system along with comprehensive maintenance contract for a specific period of 1-5 years. In solar pump system, it has a wide range of products like DC Solar Pump, Solar Pump Inverter, and AC Solar Pump. In the year 2017-18, the company started providing consultancy services for acquiring projects and tender bidding after identifying the competent client on the tender to tender basis.

 

In addition, the company has been awarded water supply, sewerage, and infra project in its service portfolio. Bright Solar is in the process of acquiring a land admeasuring area of 18,209 sq mts at Kheda, Gujarat and on which the company is planning to set up a manufacturing unit for Solar PV modules/panels. The Company has already executed an agreement to sell for the acquisition of land. It is also planning to set up a water treatment plant assembling unit at Patna (Bihar).

The company has on hand orders in the book amounting to Rs 97 crores. The pre IPO placement of the shares was made at the same rate as of the IPO which is Rs 36/share, approx. aggregation of the amount gained was Rs 3 crores.

To sum up, Bright Solar is into assembling of DC/AC Solar Pumps and Solar Pump Systems, EPC contracts of Solar Photovoltaic Water pumps, consulting of Projects and tenders, Water supply and Sewerages Infra Project. The company is planning to commence Solar Module manufacturing and water treatment plant assembling Unit. The Promoter of the Company is Mr. Piyushkumar Thumar. 

To part finance its plans for acquisition of land including stamping and registration for proposed solar PV Modules/panels manufacturing project, working capital, and general corpus fund needs, BSL is coming out with a maiden IPO of 5400000 equity shares of Rs. 10 each with a fixed price of Rs. 36 per share to mobilize Rs. 19.44 cr. Issue opens for subscription on 26.06.18 and will close on 29.06.18. Minimum application is to be made for

3000 shares and in multiples thereon, thereafter. Post allotment, shares will be listed on NSE SME Emerge. Issue is solely lead managed by Swastika Investment Ltd. Alankit Assignments Ltd. is the registrar to the issue. Issue constitutes 26.47% of the post issue paid-up capital of the company. On the performance front, for last four fiscals BSL has posted turnover/net profits of Rs. 28.46 cr. / Rs. 0.54 cr. (FY14), Rs. 47.84 cr. / Rs. 1.97 cr. (FY15), Rs. 15.47 cr. / Rs. 0.71 cr. (FY16) and Rs. 18.13 cr. / Rs. 1.71 cr. (FY17). For first 10 months ended on 31.01.18 of FY18, it has earned a net profit of Rs. 5.35 cr. on a turnover of Rs. 28.27 cr. For last three fiscals, it has reported an average EPS of Rs. 0.97 and an average RoNW of 19.08%. Issue is priced at a P/BV of 3.47 on the basis of its NAV of Rs. 10.36 as on 31.01.18 and at a P/BV of 2.10 on the basis of post issue NAV of Rs. 17.14. Company asking price is at a P/E of around 11.

 

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Bright Solar Limited files Prospectus with the NSE Emerge

PRESS RELEASE

FOR IMMEDIATE PUBLICATION

Bright Solar Limited files Prospectus with the NSE Emerge

Ahmedabad, June 14, 2018: Bright Solar Limited (“Company” or “Bright Solar”) a company specialized in developing, manufacturing and selling high-quality solar energy harnessing machines, specifically Solar Water Pumps, has filed its Red Herring Prospectus (“Prospectus”) with the Emerge Platform of National Stock Exchange of India Limited (“NSE Emerge”) to enter the capital market with its Initial Public Offering (“IPO”) of equity shares. The Company is promoted by Mr Piyushkumar Babubhai Thumar.

The Company proposes Public Issue Of 54,00,000 Equity Shares of Face Value Of  Rs. 10 each for cash at a price of Rs. 36 per Equity Share including a Share Premium of Rs. 26 per Equity Share (The “Issue Price”) aggregating to Rs. 1944.00 Lakh (“The Issue”), of which 2,70,000 Equity Shares of Face Value of Rs. 10 each for cash at a price of Rs. 36 per Equity Share including a Share Premium of Rs. 26 per Equity Share aggregating to Rs 97.20 Lakh will be reserved for subscription by Market Maker to the issue (The “Market Maker Reservation Portion”). The Issue minus the Market Maker Reservation Portion i.e. Net Issue of 51,30,000 Equity Shares of Face Value of Rs. 10 each at a price of Rs 36 per Equity Share including a Share Premium of Rs. 26 per Equity Share aggregating to Rs. 1846.80 Lakh is hereinafter referred to as the “Net Issue”. The Issue and the Net Issue will constitute 26.47% and 25.15% respectively of the post-Issue Paid-Up Equity Share Capital of the Company.

The adviser to the Issue is ProEx Advisors LLP, Ahmedabad.

Bright Solar Limited is at the crest of the innovation wave in solar-powered water pumping mechanisms. Since its inception in the year 2010, Bright Solar (CIN: L51109GJ2010PLC060377) has been a front-runner in developing, manufacturing and selling products that run on the clean and cost-friendly solar energy. The company possesses an internal framework for all the sections of product manufacturing – from mechanical and electronic, to software design – and it specializes in the production of Solar Water Pumps. Bright Solar also provides consulting services under Renewable Energy & Infrastructure Projects Consulting, such as Tender Bidding & Liasoning services for direct projects acquisition from various state government & PSUs, Intermediary services for acquisition & rewards of Sub-Contract/Back-to-Back works, and Facilitation services for requirement of JV Partners/Consortium for projects in the sectors of Solar & Other Renewable Energy, Water Supply & Sewerage, and All types of Infrastructure EPC / PPP / BOT Projects.

Bright Solar is based in Ahmedabad with a Branch office in Patna. The company’s strong regional presence created through a committed network of proficient associates makes it a leading enterprise in the solar energy industry. Bright Solar Associates have strong expertise in the eco-industry, are trained in skills, and are support-oriented and tech-competent to deal with customized demands of local clients. Thus, the company, with a growing client base built on an increasingly recognised brand, now chooses to enter the Capital Market with its IPO.

For media queries, please contact: Sneha Trivedi sales@brightsolar.co.in  +91 93777 56205

Note

The Company is proposing, subject to market conditions and other considerations, an initial public offering (“IPO”) of its equity shares and has filed a Red Herring Prospectus (“PROSPECTUS”) with the Emerge Platform of National Stock Exchange of India Limited (“NSE Emerge”). The PROSPECTUS is available on the website of the SEBI at www.sebi.gov.in, on the Company’s website at www.brightsolar.in.

Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same should see the section titled “Risk Factors” in the PROSPECTUS.

 

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Bright Solar Limited files Draft Red Herring Prospectus with the NSE Emerge

PRESS RELEASE

FOR IMMEDIATE PUBLICATION

Bright Solar Limited files Draft Red Herring Prospectus with the NSE Emerge

 

Ahmedabad, April 13, 2018: Bright Solar Limited (“Company” or “Bright Solar”) a company specialized in developing, manufacturing and selling high-quality solar energy harnessing machines, specifically Solar Water Pumps, has filed its Draft Red Herring Prospectus (“DRHP”) with the Emerge Platform of National Stock Exchange of India Limited (“NSE Emerge”) to enter the capital market with its Initial Public Offering (“IPO”) of equity shares. The Company is promoted by Mr. Piyushkumar Babubhai Thumar.

The Company proposes Public Issue Of 54,00,000 Equity Shares of Face Value Of  Rs. 10 each for cash at a price of Rs. 36 per Equity Share including a Share Premium of Rs. 26 per Equity Share (The “Issue Price”) aggregating to Rs. 1944.00 Lakh (“The Issue”), of which 2,70,000 Equity Shares of Face Value of Rs. 10 each for cash at a price of Rs. 36 per Equity Share including a Share Premium of Rs. 26 per Equity Share aggregating to Rs 97.20 Lakh will be reserved for subscription by Market Maker to the issue (The “Market Maker Reservation Portion”). The Issue minus the Market Maker Reservation Portion i.e. Net Issue of 51,30,000 Equity Shares of Face Value of Rs. 10 each at a price of Rs 36 per Equity Share including a Share Premium of Rs. 26 per Equity Share aggregating to Rs. 1846.80 Lakh is herein after referred to as the “Net Issue”. The Issue and the Net Issue will constitute 26.47% and 25.15% respectively of the post-Issue Paid Up Equity Share Capital of the Company.

The adviser to the Issue is ProEx Advisors LLP, Ahmedabad. 

Bright Solar Limited is at the crest of the innovation wave in solar-powered water pumping mechanisms. Since its inception in the year 2010, Bright Solar (CIN: L51109GJ2010PLC060377) has been a front-runner in developing, manufacturing and selling products that run on the clean and cost-friendly solar energy. The company possesses an internal framework for all the sections of product manufacturing – from mechanical and electronic, to software design – and it specializes in the production of Solar Water Pumps. Bright Solar also provides consulting services under Renewable Energy & Infrastructure Projects Consulting, such as Tender Bidding & Liasoning services for direct projects acquisition from various state government & PSUs, Intermediary services for acquisition & rewards of Sub-Contract/Back-to-Back works, and Facilitation services for requirement of JV Partners/Consortium for projects in the sectors of Solar & Other Renewable Energy, Water Supply & Sewerage, and All types of Infrastructure EPC / PPP / BOT Projects.

Bright Solar is based in Ahmedabad with a Branch office in Patna. The company’s strong regional presence created through a committed network of proficient associates makes it a leading enterprise in the solar energy industry. Bright Solar Associates have strong expertise in the eco industry, are trained in skills, and are support-oriented and tech-competent to deal with customized demands of local clients. Thus, the company, with a growing client base built on an increasingly recognised brand, now chooses to enter the Capital Market with its IPO.

 

For media queries, please contact:

Sneha Trivedi sales@brightsolar.co.in  +91 93777 56205

 

Note

The Company is proposing, subject to market conditions and other considerations, an initial public offering (“IPO”) of its equity shares and has filed a Draft Red Herring Prospectus (“DRHP”) with the Emerge Platform of National Stock Exchange of India Limited (“NSE Emerge”). The DRHP is available on the website of the SEBI at www.sebi.gov.in, on the Company’s website at www.brightsolar.in.

Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same should see the section titled “Risk Factors” in the DRHP.

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