Kalpataru Projects International Raises INR 1000 Crore via QIP
Mumbai-based power transmission and EPC company Kalpataru Projects International (KPIL) has raised INR 1,000 crore through its first qualified institutional placement (QIP) in over a decade.
December 21, 2024. By Mrinmoy Dey
The funds will be used to strengthen KPIL’s balance sheet, enhance financial flexibility, and support growth initiatives.
This follows a trend of significant fundraising in the energy sector. For example, earlier this month, Gujarat-based Torrent Power raised INR 3,500 crore through a QIP which was oversubscribed four times.
In August 2024, Adani Energy Solutions raised INR 8,373 crore. The QIP saw overwhelming demand, receiving bids of approximately 6x of the base deal size from a diverse group of investors, including utility-focused US investors entering India for the first time, sovereign wealth funds, major Indian mutual funds, and insurance companies.
In April, JSW Energy raised INR 5,000 crore via the QIP route.
Additionally, the clean energy segment has seen an IPO rush with several solar EPC player, modules and cell manufacturers raising money from the public markets to fund their expansions with notable ones being Premier Energies, Waaree Energies, ACME Solar, and NTPC Green Energy.
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