Indian renewable energy firm ACME Solar Holdings files for $360 million IPO

FILE PHOTO: FILE PHOTO: A man walks out of the Bombay Stock Exchange building in Mumbai, India,

BENGALURU (Reuters) -Indian renewable energy firm ACME Solar Holdings has filed for an initial public offering to raise up to 30 billion rupees (nearly $360 million), draft papers showed on Wednesday.

ACME Solar, which operates solar and wind energy projects, will issue fresh shares worth up to 20 billion rupees, while its largest shareholder ACME Cleantech Solutions will offer shares worth up to 10 billion rupees as part of the IPO.

The proceeds from the sale of new shares will be used to repay borrowings.

As of March-end, the company's annual borrowings stood at 82.17 billion rupees, down 5% from a year earlier.

India is witnessing a boom in the IPO market, and the country is likely to invest around $385 billion to meet its target of 500 gigawatts of renewable energy by 2030, as per Moody's Ratings.

ACME Solar posted a profit of 6.98 billion rupees in the last fiscal year, with its revenue rising by 2%.

Nuvama, ICICI Securities, JM Financial, Kotak Investment Banking and Motilal Oswal Investment Banking are the book-running managers for its IPO.

($1 = 83.5289 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala)