Vishakha Renewables files IPO papers, eyes Rs 1,250 crore

Gautam Adani-promoted solar components maker Vishakha Renewables has filed its Draft Red Herring Prospectus (DRHP) with Securities and Exchange Board of India (Sebi) to launch an initial public offering (IPO) The proposed issue will comprise a fresh issue of 1,250 crore and an offer-for-sale (OFS) of 1.81 crore shares. The company plans to use, 900 crore from the fresh proceeds to repay debt, against outstanding borrowings. The remaining proceeds will be used for general corporate purposes. Proceeds from the OFS will accrue to selling shareholders.