Chandigarh September 16th, 2025: Saatvik Green Energy Limited (the “Company”) shall open its Bid / Offer in relation to its initial public offer of Equity Shares on Friday, September 19, 2025.
The total offer size of Equity Shares aggregating up to ₹ 9000 million [₹ 900 crore] comprises of fresh issue aggregating up to ₹ 7000 million [₹ 700 crore] (“Fresh Issue”) and Offer for Sale aggregating up to ₹ 2,000 million [₹ 200 crore] by Selling Shareholders (“OFS” and together with Fresh Issue, the “Offer Size”).
The Anchor Investor Bidding Date shall be Thursday, September 18, 2025. The Bid/Offer will open on Friday, September 19, 2025 for subscription and will close on Tuesday, September 23, 2025.
The Price Band of the Offer has been fixed at₹ 442 to ₹ 465 per Equity Share (A discount of ₹ 44 per Equity Share is being offered to eligible employees bidding in the employee reservation portion). Bids can be made for a minimum of 32 Equity Shares and in multiples of 32 Equity Shares thereafter.
The Company proposes to utilise net proceeds from Fresh Issue of Equity Shares towards Prepayment or scheduled re-payment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company, Investment in our wholly owned Subsidiary, Saatvik Solar Industries Private Limited, in the form of debt or equity for repayment/prepayment of borrowings, in full or in part, of all or a portion of certain outstanding borrowings availed by such Subsidiary, Investment in our wholly owned Subsidiary, Saatvik Solar Industries Private Limited, for setting up of a 4 GW solar PV module manufacturing facility at National Highway – 16, Chamakhandi, Gopalpur Industrial Park, Gopalpur, Ganjam – 761 020, Odisha. (“Project Site”) and balance amount towards general corporate purposes (“Object of the Offer”).
The offer for sale comprises of Equity shares aggregating up to ₹ 1,120 million by Parmod Kumar, aggregating up to ₹880 million by Sunila Garg (the “Promoter Selling Shareholder”).
DAM Capital Advisors Limited, Ambit Private Limited and Motilal Oswal Investment Advisors Limited are the Book Running Lead Managers or BRLMs to the Offer.
This Equity Shares are being offered through the red herring prospectus of the Company dated September 15, 2025 (the “RHP”) filed with Registrar of Companies, Delhi and Haryana at New Delhi “RoC”) and are proposed to be listed on the BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”).
This is an Offer in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”), read with Regulation 31 of the SEBI ICDR Regulations. The Offer is being made through the Book Building Process in terms of Regulation 6(1) of the SEBI ICDR Regulations, wherein in terms of Regulation 32(2) of the SEBI ICDR Regulations not more than 50% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs” and such portion, the “QIB Portion”), provided that our Company, in consultation with the BRLMs, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations ( “Anchor Investor Portion”), of which atleast one-third shall be reserved for allocation to domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price, in accordance with the SEBI ICDR Regulations. In the event of under-subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (excluding the Anchor Investor Portion) (“Net QIB Portion”).
Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis only to Mutual Funds, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining Net QIB Portion for proportionate allocation to QIBs. Further, not less than 15% of the Net Offer shall be available for allocation to Non-Institutional Bidders (“NIBs”) of which (a) one-third of portion shall be reserved for applicants with application size of more than ₹200,000 and up to ₹1,000,000; and (b) two-third of such portion shall be reserved for applicants with application size of more than ₹1,000,000, provided that the unsubscribed portion in either of such sub-categories may be allocated to applicants in the other sub-category of Non-Institutional Bidders, in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price.
Further, not less than 35% of the Net Offer shall be available for allocation to Retail Individual Bidders (“RIBs”) in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price. Furthermore, up to [●] Equity Shares aggregating up to ₹ 20 million will be available for allocation to Eligible Employees, subject to valid Bids being received from them at or above the Offer Price (net of Employee Discount, if any, for the Employee Reservation Portion). All Bidders (except Anchor Investors) are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective bank accounts (including UPI ID for UPI Bidders using UPI Mechanism) (defined hereinafter) in which the Bid amount will be blocked by the SCSB or Sponsor Bank(s) as applicable to participate in the offer. Anchor Investors are not permitted to participate in the Anchor Investor Portion of the Offer through the ASBA process. For details, see “Offer Procedure” on page 557 of the RHP.