Renewable firm SAEL Industries files for $521 million IPO

Renewable energy firm SAEL Industries has filed draft documents late Monday for a stock market listing valued at 45.75 billion rupees ($520.51 million).

The solar and biomass operator, backed by Norfund, said its initial public offering (IPO) will comprise a fresh issue of shares worth up to 37.5 billion rupees and a sale of existing shares totalling 8.25 billion rupees by an existing investor.

($1 = 87.8950 Indian rupees)