ACME Solar appoints Barclays, JPMorgan for private InvIT

ACME Solar appoints Barclays, JPMorgan for private InvIT

Renewable energy company ACME Solar Holdings Ltd has hired two investment banks as the company looks to start work on its proposed infrastructure investment trust (InvIT) amid a prolonged delay in a planned initial public offering (IPO), said two people aware of the development. InvITs are trusts that manage income-generating infrastructure assets, typically offering investors regular yield and a liquid method of investing in infrastructure projects.

“ACME has recently appointed Barclays and JPMorgan to advise it on the InvIT, which will be a privately placed InvIT i.e. sold only to a select bunch of institutional investors,” said one of the people cited above, requesting anonymity, as he is not authorized to speak with the media.

ACME chief executive Nikhil Dhingra declined to comment on the development. Spokespeople for JPMorgan and Barclays Plc too declined to comment. Read More

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