Surana Ventures eyes Rs60 crore via QIP/PE

Surana Ventures, the to-be-listed, demerged entity of Surana Telecom, is planning to raise about Rs 60 crore through a qualified institutional placement or a private equity placement.
The company would use the proceeds to funds to expand its capacities in solar power equipment.

It manufactures solar energy systems with the focus on solar photovoltaic modules. Along with module making, the company is now working on a plan to set up a cell line to manufacture solar cells with a provision to make forays into wafer making in 2-3 years.

“We are taking up an expansion plan with an outlay of Rs 115 crore. Of this, we would raise about Rs 60 crore through a QIP or PE. We are talking to potential investors and we are confident of closing a deal shortly,” Narender Surana, managing director, told DNA Money.

With a turnover of about Rs 30 crore to date, the company is eyeing Rs 100 crore of revenue for the current full year. “The margins are going to be upwards of 20%,” Surana said.

Surana Ventures claims advantage in raw material costs due to an effective procurement policy.