Acme Solar share: Rs 2,800 cr raised via QIP; Nippon, SBI, Kotak, HDFC MF among allottees

Shares of Acme Solar Holdings Ltd are in focus on Friday after the renewable energy solutions provider said its board approved the allotment of 10,01,78,890 equity shares to eligible qualified institutional buyers (QIBs) at an issue price of Rs 279.50 apiece, raising Rs 2,800 crore. The issue price represented a discount of Rs 14.63 per share, or 4.97 per cent, to the floor price of Rs 294.13 per share. Nippon Life, HDFC Mutual Fund, SBI Mutual Fund, ICICI Prudential Asset Management Company (AMC) and Kotak AMC, through their respective schemes, along with SBI Life Insurance, were among the allottees in the QIP.

Nippon Life India Trustee on behalf of Nippon India Small Cap Fund, Nippon Power & Infra Fund and Nippon India value fund were allotted 20.54 per cent of the QIP. HDFC Trustee Company on behalf of HDFC Value Fund, HDFC Flexi Cap Fund and HDFC Multi Cap Fund, among other schemes, received a total 20.54 per cent of the QIP issue. SBI schemes bought a total 18.39 per cent of the issue. SBI Life Insurance was allotted 8.57 per cent of the QIP, ICICI Prudential 8.39 per cent and Kotak AMC schemes a total 7.14 per cent of the issue.  

Earlier this week, ACME Solar's wholly owned subsidiary ACME Sun Power commissioned 33.333 MW or 160.512 MWh capacity of Battery Energy Storage System (BESS) Project located at Phalodi and Jodhpur in Rajasthan, on June 1.  "The commercial operation date (COD) for the same shall be June 03, 2026. With this, ACME Sun Power Private Limited has achieved a commissioned capacity of 266.669 MW / 1283.936 MWh," Acme Solar said.

ACME Solar Holdings had reported March quarter revenue and net profit growth of 13 per cent YoY each, supported by strong generation growth and higher other income. Post its quarterly results, analysts noted that the company has a robust 8,071MW pipeline, including 17GWh BESS with 5,081MW under construction and 3,280MW already tied to a power purchase agreement (PPA).