Home » Finance » Surana Ventures to raise $30mn in the next 4-5 months from partial AIM listing and partial FCCB

Surana Ventures to raise $30mn in the next 4-5 months from partial AIM listing and partial FCCB

As Panchabuta had mentioned in January this year, Solar Energy Systems manufacturer Surana Ventures  listed on India stock exchanges. The company is part of the Surana Group of  Hyderabad, India.

Surana Ventures provides the world with Solar Products which enable green energy to be used wherever it is needed, Lighting Systems like – Home Lighting, Street Lighting, Solar Lanterns.

SPV Modules Manufacturing Plant was set up at Cherlapally, Hyderabad, India with an installed capacity of 12 MW. Presently the company has a production capacity of 40 MW/Annum with ongoing projects to increase it. At present there is a new manufacturing unit coming in Fab City, Hyderabad India

Surana Ventures Ltd had informed the stock exchanges in late January that the Board of Directors of the Company at its meeting held  last in January had initiated steps to raise upto USD 30 million for financing PV Cell Line and setting up of Automated Module Line through ECBs/ADRs/GDRs/Preferential allotment or such other funding options in accordance with FEMA, RBI and SEBI (ICDR) Regulation, 2009 as may be applicable. The company also informed that they are to initiate steps for Listing of Equity shares in the Alternative Investment Market (“AIM”), the London Stock Exchange’s junior international market, seeking international investment.

In an interview with CNBC-TV18, Narender Surana, MD, said, “This(Surana Ventures) is one of the most successful solar companies in India. The gross margins are in excess of 20% as compared to any other company in India which has 10%. This happens basically because we are working with two of the very large solar companies outside India, namely REC and Suniva from US and Norway. They are helping us in not only developing but doing a lot of research in improving the quality of the solar products and thereby getting us a better margin.”

He added, “They are also recommending us to various customers of theirs for the end product as a certification that we produce excellent product. There is no question of monetizing that part of investment at all.”

When asked about the proposed $30mn AIM fundraising he said, “The stake will come down as a percentage but in actual terms there won’t be any reduction. What Surana ventures is planning is definitely to do a partial FCCB and partially doing AIM listing. Both will happen probably in the course of about next four- five months.”

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