Vishakha Renewables files for ₹1,250 crore IPO; ₹900 crore earmarked for debt repayment
Vishakha Renewables filed for a ₹1,250 crore fresh-issue IPO on September 30, 2026. The Adani Group-backed solar manufacturer plans to use ₹900 crore for debt repayment, with solar glass capacity expanding to 1,920 TPD.
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| Debt as of June 2026: | ₹2,700.5 crore |
|---|---|
| Adani Properties holding: | 39.14% |
Why it matters to operators and investors
With ₹900 crore, or 72% of the proposed ₹1,250 crore fresh issue, earmarked for debt repayment, the IPO prioritizes deleveraging against June debt of ₹2,700.5 crore.
What to watch next
- Final IPO size and debt-repayment allocation in the offer documents
- Disclosed debt repayment and post-issue borrowing balance
- Financing announcements and commissioning milestones for the solar-glass expansion
- Post-issue shareholding disclosure for Adani Properties
- Reported finance costs and operating cash flow after the issue