Renewable energy development firm Entegra today said it has decided to raise Rs 1,500 crore through private placement of shares or follow on offer.
The board of directors of the company considered and passed a resolution to raise funds at its meeting held on March 7, Entegra said in a filing with the Bombay Stock Exchange (BSE).
The board granted permission for further follow on issue of equity shares or any other convertible instrument on private placement basis or qualified institutional placement, it said.
The board has also given authority to the chairman/ vice-chairman/managing director of the company to appoint the necessary advisors and merchant bankers for the issue, it said.
With a portfolio that spans the entire gamut of renewable energy solutions, Entegra aims to energise the future with clean, green, sustainable and cost-effective renewable energy solutions.
Shares of the company closed at Rs 23.60, up 1.72% from the previous close on the BSE.