Waa Solar Limited IPO public offer of 20,00,000 equity shares of face value of Rs.10 each (equity shares) of Waa Solar Limited (company or issuer) for cash at a price of Rs. 161 per equity share (including a share premium of Rs. 151 per equity share) (issue price) aggregating to Rs. 32.20 Crores (issue ) consisting of a fresh issue of 17,50,000 equity shares of face value of Rs.10 each (equity shares) for cash at a price of Rs. 161 per equity share aggregating to Rs. 28.17 Crores (issue size of Waa Solar Limited IPO) and 2,50,000 equity shares of face value of Rs.10 each (equity shares) for cash at a price of Rs. 161 per equity share aggregating to Rs. 4.03 Crores through an offer for sale by Mr. Ashok Khurana and Mrs. Manju Khurana (referred as selling shareholders forming part of promoter group) of which 1,04,000 equity shares of face value of Rs.10.00 each for a cash price of Rs. 161 per equity share, aggregating to Rs. 1.67 Crores will be reserved for subscription by market maker (market maker reservation portion). The issue less the market maker reservation portion i.e. Issue of 18,96,000 equity shares of face value of Rs. 10.00 each at an issue price of Rs. 161 per equity share aggregating to Rs. 30.53 Crores (is hereinafter referred to as the net issue). The issue and the net issue will constitute 30.15% and 28.58%, respectively of the post issue paid up equity share capital of the company. The face value of the equity shares is Rs. 10 each and the issue price is Rs.161 each. The issue price is 16.1 times of the face value. Now company going to expand and launching Waa Solar Limited IPO.
About Waa Solar Limited
Company was incorporated as “Waa Solar Private Limited” under the provision of the Companies Act, 1956 vide certificate of incorporation dated November 9, 2009 issued by the Assistant Registrar of Companies, Maharashtra, Mumbai. The registered office of The Company was shifted from Maharashtra State to Gujarat State and new certificate of incorporation was issued on September 12, 2013 by the Registrar of Companies, Gujarat, Dadra Nagar and Haveli. Consequent upon the conversion of Company to public limited company, the name of The Company was changed to “Waa Solar Limited” and fresh certificate of incorporation dated February 19, 2018 was issued by the Deputy ROC, Registrar of Companies, Ahmedabad. The Corporate Identification Number of Company is U40106GJ2009PLC076764.
The Company has completed 10.25 MW (DC) capacity of ground mounted Solar Photovoltaic power project in the area of (approx 59.80 acres) at Village Tikar (Parmar), Taluka- Muli, District Surendranagar, Gujarat. In 2010, Gujarat Urja Vikas Nigam Limited (“GUVNL”) has awarded the company the work of setting up of Solar Photovoltaic Grid Interactive Power Plant of 10MW capacity at village Nayka, Taluka-Sami, District Patan, to produce the Electric Energy and for sale of entire electrical energy, so produced, for commercial purpose from such project to GUVNL for a tenure of 25 years. GUVNL has entered into Power Purchase Agreement (“PPA”) and agreed to purchase such power through distribution companies (“Discom”).
The Company has entered power purchase agreement with the Airport Authority of India to develop Solar Power Plant at Bhopal Airport. The Company has successfully commissioned 100 KW solar power plant at Bhopal Airport. In 2013, Airport Authority of India, has entered into PPA with the company for setting up a solar power plant of 100 KWP at Raja Bhoj Airport, Bhopal on Built, Own and Operate (“BOO”) basis for a tenure of 25 years.
The solar power project plant recorded the second best power generation in Gujarat during the year 2012-13. Company have floated Madhav Solar (Karnataka) Private Limited on September 03, 2013 and having stake of 66.69%. The Company has entered in to PPA on February 25, 2015 for a period of 25 years with Chamundeshwari Electricity Supply Corporation Limited and has awarded the Company the work for setting up of Solar PV Grid Interactive Power Plant of 10.42 MW on a land of 20 Acres.
Company have floated Madhav Solar Private Limited on August 13, 2013 and having stake of 99.99%. The Company has entered in to PPA on December 27, 2013 for a period of 25 years with Punjab State Power Corporation Limited and has awarded company the work for setting up of Solar PV Grid Interactive Power Plant of 4.00 MW on a land of 20 Acres.
Company have floated Madhav Solar (Vadodara Rooftop) Private Limited on March 13, 2014 and having stake of 51.00%. The Company has entered in to PPA on June 17, 2013 for a period of 25 years with Madhya Gujarat Vij Company Limited and has awarded company the work for setting up of Solar PV Grid Interactive Power Plant of 4.00 to 6.00 MW capacity at Vadodara.
About Waa Solar Limited IPO
|IPO Size (In Cr.)||Open Date||Close Date||Draft Prospectus|
|Waa Solar Limited IPO||28.18||31.05.2018||04.06.2018||DRHP|
Lot Size: Minimum Application for 800 shares of Rs. 161/- each with further multiples of 800 shares
Waa Solar Limited IPO Registrar
Bigshare Services Pvt. Ltd
E-2 & 3,
Ansa Industrial Estate, Saki-Vihar Road,
Sakinaka, Andheri(E), Mumbai – 400 072
Fax: 91-22-2847 5207
Waa Solar Limited IPO Lead Manager
Guiness Corporate Advisors Pvt Ltd
Waa Solar Limited Management
The promoter of the company is Madhav Power Private Limited.
- Amit Ashok Khurana- Chairman and Managing Director
- Mangilal Singhi- Director
- Vineet O. Rathi- Director
- Tushar D. Donda- Independent Director
- Jaini S. Jain- Independent Director
Waa Solar Limited Contact Info
Waa Solar Limited
Nr. Panchratna Building,
Subhanpura, Vadodara, Gujarat -390023
Phone: 0265 -2290722
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