Webel SL raises Rs 45.40cr

Webel SL Energy Systems Ltd has raised Rs 45.40 crore through a qualified institutional placement (QIP) issue.

The proceeds of the issue would be used for its project at the Falta special economic zone (SEZ) in West Bengal. The global co-coordinator and book running lead manager to the QIP issue was Networth Stock Broking Ltd The advisor to the company was SMIFS Capital Markets Ltd.

The company has completed the first phase of its expansion of 30 MW out of 120 MW planned capacity of solar cells and modules at the Falta SEZ. The company will be availing the benefits of SEZ which includes full income tax and MAT exemption for this unit. Webel SL Energy Systems has already started the process of shifting the existing facility of manufacturing solar photovoltaic cells and modules in Salt Lake, WB to Falta SEZ WB and plans to de-bottleneck the same and add about 30 MW to the new plant. The additional capacity will also get the SEZ benefits and is expected to be operational by the third quarter of the current fiscal year. The capex for this additional capacity would be Rs 10-12 crore.