Fresh shares worth Rs 370 crore will be issued under the IPO of Inox Green Energy Services. Along with this, shares up to Rs 370 crore will be sold under Offer for Sale (OFS).
Inox Green Energy Services IPO: Inox Green Energy Services Limited (IGESL), a unit of Inox Wind, is going to bring its IPO. The company told the stock market on Monday that it has filed a draft paper with the market regulator SEBI on February 7. The company wants to raise Rs 740 crore through this IPO. INOX Green Energy Services was earlier known as ‘INOX Wind Infrastructure Services Limited’. Its name was changed at the beginning of last year.
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IPO related details
- According to DRHP, fresh shares worth Rs 370 crore will be issued under this issue.
- Along with this, shares up to Rs 370 crore will be sold under Offer for Sale (OFS).
- Promoter Inox Wind will sell shares worth Rs 370 crore as part of OFS.
- As per the draft paper, Inox Wind holds over 220 million shares of Inox Green Energy Services, which constitutes 93.84 per cent of the equity share capital.
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Fund will be used here
The amount raised from the IPO will be used for full or partial repayment of debt taken by the company including redemption of non-convertible debentures. According to DRHP, Rs 260 crore will be used for this. The balance amount will be used for general corporate purposes. Inox Green Energy will get only Rs 370 crore from the issue, while the rest will go to promoter Inox Wind. The company may also consider pre-IPO placement, which can reduce the issue size. Inox Green Energy Services is preparing to launch its IPO since December last year. The company’s board had approved the proposal to raise funds through IPO.
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