Jaipur-based solar module manufacturer Insolation Energy (INA) is set to raise Rs.4.02 billion ($47.8 million) through a preferential allotment of 1.22 million equity shares to 117 non-promoter entities. Priced at Rs.3,287 ($39.12) per share, the move will diversify the company's investor base and bolster its financial standing.

Major allottees include Brightview Management Consultancy, NAV Capital Emerging Star Fund, and Bengal Finance & Investment. The new shares will represent 5.65% of the company’s post-allotment equity base.

Shareholder approval for the allotment will be sought at an Extraordinary General Meeting on November 13, 2024.

The capital infusion will support Insolation Energy’s expansion efforts, including a 3 GW solar module facility and a 12,000 MTA aluminum frame plant in Jaipur. The company is also advancing rooftop solar projects in Rajasthan and continues to provide modules for government initiatives like the Jal Jeevan Mission and PM-Kusum.