Inox wind arm Inox Green Energy Services’ board on Monday authorised a proposal to boost Rs 900 crore by means of an preliminary public supply (IPO).
The proposed IPO will comprise contemporary issuance of fairness shares aggregating as much as Rs 500 crore and a proposal on the market (OFS) of fairness shares by sure shareholders to the tune of Rs 400 crore, Inox Wind mentioned in a BSE submitting.
“Board of Directors of our Company’s material subsidiary, Inox Green Energy Services Ltd (Earlier known as Inox Wind Infrastructure Services Ltd) (IGESL) in their meeting held today i.e. May 9, 2022, has accorded a fresh approval to the fundraising… by way of an initial public offer,” it added.
Inox Wind knowledgeable that the Board of Directors additionally accorded its approval to take part within the proposed supply for the sale of fairness shares aggregating as much as Rs 400 crore.
The public difficulty shall be topic to market circumstances, receipt of relevant approvals and different issues.
On April 20, Inox Wind introduced that its arm Inox Green Energy Services Ltd (IGESL) has determined to withdraw its proposed Rs 740 crore preliminary share sale supply.
The IPO was slated to difficulty contemporary shares value Rs 370 crore, in addition to a proposal for the sale of fairness shares aggregating to Rs 370 crore by Inox Wind.
The firm had filed the Draft Red Herring Prospectus (DRHP) for the proposed IPO on February 7 with the Securities and Exchange Board of India (Sebi).
However, the draft IPO paperwork for the IPO had been withdrawn on April 28, and the explanations for the withdrawal weren’t disclosed.
Source: www.financialexpress.com”