New Delhi, April 21 -- The Securities and Exchange Board of India has given the green light to the initial public offering proposal of renewable energy company Continuum Green Energy Ltd.
The capital markets regulator issued its final observations, akin to its approval, on Continuum's draft red herring prospectus last week, according to an update on its website.
VCCircle reported last year that Continuum had filed draft papers to float an IPO worth Rs 3,650 crore ($430 million). The IPO consists of a fresh issue of Rs 1,250 crore and an offer for sale of Rs 2,400 crore by the company's Singapore-based holding firm. The company plans to use the new money to pay off existing debt and accrued interest.
Founded in 2009 by IIM-Ahmedabad alumni Arvind Bansal and Vikash Saraf, Continuum is an independent power producer with a portfolio of approximately 4.7 GWp, comprising projects that are operational, under-construction and under development, according to its website.
The company is backed by Morgan Stanley Infrastructure Partners. Morgan Stanley had invested $212 million into the company in 2012 via North Heaven Infrastructure Partners I.
Last year, Continuum raised Rs 1,256 crore ($150 million) in equity capital from climate investment firm Just Climate, which is backed by former US vice-president Al Gore's Generation Investment Management.
Meanwhile, SEBI has kept the IPO proposal of co-working space provider WeWork in abeyance, while that of Hero FinCorp awaits clearance from other regulators and government agencies. The IPOs of HDB Financial Services and Credila are also yet to get a nod, with the regulator awaiting clarifications.
Published by HT Digital Content Services with permission from VC Circle.