Acme Solar Holdings shares settled higher in Friday's trade after the renewable energy player ACME Solar said it has raised Rs 2,800 crore through the Qualified Institutions Placement (QIP) route, its first equity capital raise, since listing in 2024.

Shares of the company settled 2.39 percent higher at Rs 354.10 per share on the NSE.

The fundraising garnered strong participation from a mix of existing and new marquee investors, the company said in a statement.

The investors who participated in the QIP round include leading domestic mutual funds, major insurance companies and foreign institutional investors like SBI Mutual Fund (MF), Nippon MF, HDFC MF, ICICI Prudential MF, Kotak MF, SBI Life Insurance, ICICI Prudential Life Insurance, BlackRock, Amundi, Goldman Sachs, Abu Dhabi Investment Authority and Pictet, among others.

The proceeds from the QIP will be used to reduce leverage and enhance the overall balance sheet strength.

ICICI Securities Ltd and IIFL Capital Services Ltd acted as the Book Running Lead Managers to the QIP.

ACME Solar Holdings (ACME Solar) is an integrated renewable energy player with an aggregated contracted capacity of 8,070 MW.