New Delhi, February 11 (HS): Right Water Solutions (India) Limited has filed its Draft Red Herring Prospectus (DRHP) with capital market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). This IPO will be of 745 crores. The company’s shares will be listed on BSE and NSE.

According to the document submitted before SEBI, this IPO of Right Water Solutions (India) Limited with a face value of Rs 2 is a new issue of equity shares up to Rs 300 crore, which includes an offer for sale (OFS) of shares worth a total of Rs 445 crore by promoters and investor selling shareholders. The OFS includes shares selling up to Rs 85 crore by Vinayak Shankarrao Gan, shares selling up to Rs 90 crore by Abhijeet Vinayak Gan and shares selling up to Rs 270 crore by Water Access Acceleration Fund SLP.

The company will use the amount of Rs 225 crore raised from the new issue for the company’s working capital requirements and general corporate purposes. The company plans to use the funds raised from this mainly for working capital needs and general corporate activities.

A Nagpur-based clean-tech company has evolved from a water technology solution provider to a major player in the clean-tech sector. The company offers a wide range of solutions and services including water management, solar agriculture and IoT-enabled systems, focusing heavily on rural sustainability and large-scale execution.

Hindusthan Samachar / Jun Sarkar