Adani-backed Vishakha Renewables eyes Rs 1,250-cr IPO

New Delhi: Adani Group-promoted Vishakha Renewables Ltd has filed draft papers with capital markets regulator Sebi to raise Rs 1,250 crore through a fresh issue of shares, as the solar component maker looks to pare debt.

The proposed initial public offering (IPO) also comprises an offer-for-sale (OFS) of up to 1.82 crore equity shares by promoters and an existing shareholder, according to the draft red herring prospectus (DRHP) filed on Wednesday. Adani Properties Pvt Ltd, a promoter of Vishakha Renewables, is also offloading shares in the OFS.

The company may also consider a pre-IPO placement of up to Rs 250 crore. If such a placement is completed, the size of the fresh issue will be reduced accordingly. The Vishakha Group-promoted firm plans to utilise Rs 900 crore of the net proceeds from the fresh issue towards repayment or pre-payment of certain borrowings, while the remaining funds will be used for general corporate purposes. As of June 30, 2026, the company had consolidated outstanding borrowings of Rs 2,700.57 crore.

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The Hans India