Renfra Energy India Limited, a renewable energy company based in Tamil Nadu, has filed draft papers with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The IPO will include a fresh issue of equity shares worth up to ₹430 crore along with an offer for sale (OFS) of up to 47,94,800 equity shares by existing shareholders.

The company’s promoters, Muthuraj Periyasamy and Jayendran, will not sell any of their shares in the offer for sale. Their decision indicates that they will continue to hold their stakes in the company after the IPO.

According to the draft documents, the company plans to use the money raised from the fresh issue for several business purposes. Around ₹160 crore will be used to repay outstanding non-convertible debentures. Another ₹175 crore has been allocated to meet the company’s working capital requirements. The remaining amount will be used for general corporate purposes and other business needs.

Renfra Energy India has also stated that it may consider raising up to ₹50 crore through a pre-IPO placement. If this placement is completed before the public issue, the size of the fresh issue will be reduced by the amount raised.

Founded in 2017, Renfra Energy India provides engineering, procurement, and construction (EPC) services for renewable energy projects. The company undertakes turnkey projects for both wind and solar power sectors and mainly serves utility-scale and commercial customers across Tamil Nadu and Puducherry. It also offers operation and maintenance services for renewable energy projects.