Adani-backed Vishakha Renewables files IPO draft with SEBI for ₹1250cr
Vishakha Renewables, backed by Gautam Adani, is gearing up for an IPO that includes a fresh issue of ₹1,250 crore and has already filed its draft papers with SEBI.
The plan includes a fresh issue plus an offer-for-sale of 1.81 crore shares from existing investors, and there might be a pre-IPO placement of up to ₹250 crore that could tweak the final numbers.
Vishakha Renewables directs ₹900cr to debt
Adani Properties and Jigish Nagindas Doshi together hold 70.06% of the company, while the promoter group holds 75.61%.
Out of the net fresh issue proceeds, ₹900 crore will go toward paying down debt (which stood at a hefty ₹2,700.5 crore in June 2026), while the rest is set aside for general business needs.
Vishakha Renewables, one of India's biggest solar glass makers, posted a profit of ₹173.4 crore for the year ended March 2026.
SBI Capital Markets, ICICI Securities, and IIFL Capital Services are handling the IPO process.