MUMBAI, APRIL 1, 2024 (GPN): Rays Power Infra, is one of the leading integrated solar power company in India, is pleased to announce completion of its Pre-IPO round as a part of its fund raising process and boosting investor confidence.

Individual and institutional investors that participated in the private placement included Kamlesh Navinchandra Shah financial advisor, Vijay Mohan Karnani founder of Vimana Capital, Ashok Kumar and Tushar Anand from Alkem Family House, Rakesh Laroia a financial investor and few other renowned investors.

This Pre-IPO round of 54 crores reflects a strong endorsement of Rays Power Infra’s business model, growth prospects, robust order book position and management team. The funds raised through this investment will support the company’s expansion initiatives and overall strategic objectives.

Rays Power Infra remains focused on delivering innovative solutions, driving operational excellence, and creating value for its customers, employees, and investors. The company is aiming to achieve an extraordinary two-fold increase in revenue in the financial year 2024-25 backed by a confirmed order book of INR 2300 crores as on Feb end , marking a remarkable leap in its financial performance.

Ketan Mehta, Managing Director of Rays Power Infra said “We are excited to announce this Pre IPO Investment and this milestone reflects our unwavering commitment to transparency, governance, and shareholder value. We are grateful for the support of our pre-IPO investors and look forward to continuing our journey of growth and innovation.”

Further given the recent influx of large new orders and expected growth trajectory the company plans to refile its DRHP for a larger fund at a much better valuation. The company will continue to evaluate capital-raising options and strategic partnerships to fuel its growth trajectory.

About Rays Power Infra:  Established in 2011, we have been one of the early movers in the solar park regime and have now grown into a well-established player in turnkey solar engineering, procurement and construction (“EPC”) services, catering to the increasing demand for renewable energy in the country. We are also one of the leading integrated solar power company in India with implementation of solar power projects of 1,207 mega-watts peak (“MWp”). On the back of our strong regulatory understanding of State laws for land acquisition and our ability to liaise with State land authorities, we have established a track record of acquiring over 5,700 acres of land for our customers across India. We offer a consultative approach to our customers’ solar energy needs and capabilities, which enables us to provide customized solutions to meet their requirements. Ends/ GPN