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Nov 4 (Reuters) – Renewable energy firm SAEL Industries has filed draft documents late Monday for a stock market listing valued at 45.75 billion rupees ($520.51 million).

The solar and biomass operator said its initial public offering (IPO) will comprise a fresh issue of shares worth up to 37.5 billion rupees and an offer for sale of shares totalling 8.25 billion rupees by Norwegian state-owned fund Norfund, one of its major shareholders.

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Proceeds from the IPO will be utilised to invest in the company’s units, SAEL Solar P5 and SAEL Solar P4, and to repay or prepay certain outstanding borrowings, including accrued interest and applicable prepayment penalties.

The company’s total contracted and awarded capacity of its renewable energy projects, as of September 30, stood at 5,765.70 megawatts, comprising 5,600.80 MW solar and 164.90 MW of agri waste-to-energy capacities across 10 Indian states and 1 union territory.

Kotak Mahindra Capital, JM Financial, Ambit and ICICI Securities are among the lead book-running managers for the IPO.

The Norwegian fund made the investment through compulsorily convertible preference shares, which will convert into equity once Sael lists on Indian exchanges. The funds will be deployed in clean energy projects the company has secured through competitive bidding.

($1 = 87.8950 Indian rupees)

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