Saatvik Green Invests ₹2.51 Billion in 4 GW Solar Module Facility in Odisha
Saatvik Green has invested ₹2.51 billion in a 4 GW solar module manufacturing facility in Odisha through its subsidiary, Saatvik Solar Industries. The investment involved subscribing to 8.5 million equity shares. The company maintains 100% ownership of the subsidiary, which is also expanding into various renewable energy sectors.
Theia Market Signal Identification - AI Assisted
Saatvik Green has invested ₹2.51 billion (~$27.75 million) in a new 4 GW solar module manufacturing facility located in Odisha. This investment was made through the subscription of 8.5 million equity shares of its wholly owned subsidiary, Saatvik Solar Industries, priced at a face value of ₹10 (~$0.11) and a premium of ₹286 (~$3.16) per share.
There will be no change in ownership, as Saatvik Solar Industries remains a 100% subsidiary. The funding comes from proceeds of Saatvik Green's IPO, which raised ₹11.5 billion (~$136.26 million) in September 2022. The subsidiary is also diversifying into advanced technologies including solar thermal systems, green hydrogen, wind energy, inverters, batteries, and solar cells.
Comments