GRE Renew Enertech raises ₹3.25 crore in private placement, aims IPO launch in August this year

The firm, which supplies sustainable lighting and powerfulness products solutions, has secured the backing portion it aims to motorboat its archetypal nationalist offering (IPO) to rise astir ₹30 crore astir August this year.

"GRE Renew Enertech has successfully secured backing of ₹3.25 crore successful a backstage placement round. This infusion of superior comes astatine a important juncture for the institution arsenic it gears up for its IPO, which is anticipated to deed Dalal Street connected the SME level astir August. In its IPO, the institution is expected to rise ₹30 crore, further fueling its maturation trajectory," said the company.

According to the company, the backstage placement circular garnered attraction from notable investors, including Ankit Mittal and Amit Kumar, who led the concern charge. Additionally, respective funds actively investing successful the SME abstraction participated successful the round, specified arsenic Chanakya Opportunities Fund-1, Absolute Return Scheme, and Persistent Growth Fund.

GRE Renew Enertech is headquartered successful Mehsana, Gujarat. It has established itself successful the star abstraction with implicit 1100 completed projects nether its belt. Its portfolio includes projects spanning the domains of CPP (captive powerfulness plant) and RESCO (renewable vigor work company).

GRE Renew Enertech Private Limited manufactures, exports and supplies LED lighting, star lighting, wide lighting and powerfulness products. The institution claims its afloat air-conditioning infrastructure covers administration, manufacturing, packaging and warehousing.

"GRE Renew Enertech is poised to undertake projects exceeding 100 megawatts successful fiscal twelvemonth 2025. This ambitious enlargement program underscores GRE Renew Enertech's committedness to scaling up its operations and contributing to India's renewable vigor targets," said the company.

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Published: 08 May 2024, 03:06 PM IST