ACME Solar Holdings Limited closed a ₹2,800 crore Qualified Institutional Placement on Friday, its first equity raise since listing on Indian exchanges in November 2024, drawing participation from a broad mix of domestic and foreign institutional investors.
The Gurugram-based renewable energy company said proceeds will go towards reducing debt and strengthening its balance sheet. The QIP attracted SBI Mutual Fund, Nippon MF, HDFC MF, ICICI Prudential MF and Kotak MF on the domestic side, alongside insurers SBI Life and ICICI Prudential Life Insurance. Global names including, BlackRock, Amundi, Goldman Sachs, Abu Dhabi Investment Authority and Pictet also participated.
Shares of ACME Solar responded positively on the NSE, touching ₹359 — a fresh 52-week high — before trading around ₹352.30, up roughly 1.86 per cent from the previous close of ₹345.85. The stock has returned about 48 per cent year-to-date and nearly 39 per cent over the past year, sharply outpacing the Nifty 500, which is down around 5.7 per cent year-to-date. Market capitalisation stood at approximately ₹21,348 crore at the time of trading.
ICICI Securities and IIFL Capital Services acted as book running lead managers for the placement. Shardul Amarchand Mangaldas advised the company, while Cyril Amarchand Mangaldas and Hogan Lovells counselled the bankers.
ACME Solar has an aggregated contracted capacity of 8,070 MW and sells power under long-term fixed-tariff agreements, primarily to central and state government-backed entities. The company handles engineering, procurement, construction and operations in-house.
The capital raise comes as India’s renewable energy sector sees sustained institutional interest, with investors betting on the country’s aggressive clean energy expansion targets. For ACME Solar, the deleveraging move is expected to improve financial flexibility as it pursues further capacity additions.