Surana Ventures will raise up to $50 million (about ₹330 crore) to fund part of its expansion, which includes setting up a manufacturing unit and solar power farms.
The Board of Directors of the Hyderabad-based company may choose among issuing either global depository receipts, or redeemable preference shares or it may settle for a qualified institutional placement.
Narendra Surana, Managing Director of Surana Ventures, said that the company expects to conclude fund-raising over the next two-three months.
The company has an installed capacity of 80 MW to manufacture solar modules and is in the process of setting up a 120-MW solar cell plant near Hyderabad.
“We have already acquired the machinery from Schott Solar and plan to implement the project by March 2015,” he said. Surana Ventures has installed 20 MW capacity for its group companies and is in the process of implementing another 5 MW unit at Vikarabad near Hyderabad by October-end.
“We have also secured a mandate to develop a 10 MW solar power plant at Akola in Maharashtra. The funds to be raised would be adequate to implement 50 MW of solar power generation capacity and also the manufacturing unit,” the MD added.