Acme Solar Holdings Ltd. has successfully concluded a Qualified Institutional Placement (QIP), securing ₹2,800 crore from a diverse group of institutional investors. The renewable energy solutions provider announced that its board approved the allotment of 100,178,890 equity shares at an issue price of ₹279.50 per share.
The QIP issue price represented a discount of 4.97% to the floor price of ₹294.13 per share.
Leading Financial Institutions Invest in Acme Solar QIP
Several prominent financial institutions participated in the QIP, highlighting investor confidence in Acme Solar's growth trajectory. Key allottees include:
- Nippon Life India Trustee: Through its Nippon India Small Cap Fund, Nippon Power & Infra Fund, and Nippon India Value Fund, Nippon Life was allotted 20.54% of the QIP.
- HDFC Trustee Company: HDFC Value Fund, HDFC Flexi Cap Fund, and HDFC Multi Cap Fund, among other schemes, collectively received 20.54% of the issue.
- SBI Mutual Fund: SBI schemes acquired 18.39% of the total QIP.
- SBI Life Insurance: Allotted 8.57% of the QIP.
- ICICI Prudential Asset Management Company (AMC): Received 8.39% of the issue.
- Kotak AMC: Schemes managed by Kotak AMC were allotted 7.14% of the QIP.
Recent Operational Milestones and Financial Performance
This capital infusion follows recent operational achievements by Acme Solar. Earlier this week, on June 1, its wholly-owned subsidiary, ACME Sun Power, commissioned a 33.333 MW or 160.512 MWh Battery Energy Storage System (BESS) Project in Phalodi and Jodhpur, Rajasthan. The commercial operation date (COD) for this project was set for June 3, 2026. With this addition, ACME Sun Power's commissioned capacity reached 266.669 MW / 1283.936 MWh.
Acme Solar Holdings has also demonstrated robust financial performance. For the March quarter, the company reported a 13% year-on-year growth in both revenue and net profit, driven by strong generation and higher other income. Analysts note the company's substantial project pipeline of 8,071MW, which includes 17GWh BESS capacity. Of this, 5,081MW is currently under construction, and 3,280MW is already secured by power purchase agreements (PPAs).