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.
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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.