Inox Green Energy board approves proposal to raise Rs 900 cr via IPO

Inox wind arm Inox Green Energy Services’ board on Monday approved a proposal to raise Rs 900 crore through an initial public offer (IPO). The proposed IPO will comprise fresh issuance of equity shares aggregating up to Rs 500 crore and an offer for sale (OFS) of equity shares by certain shareholders to the tune of Rs 400 crore, Inox Wind said in a BSE filing.

“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 informed that the Board of Directors also accorded its approval to participate in the proposed offer for the sale of equity shares aggregating up to Rs 400 crore.

The public issue will be subject to market conditions, receipt of applicable approvals and other considerations.

On April 20, Inox Wind announced that its arm Inox Green Energy Services Ltd (IGESL) has decided to withdraw its proposed Rs 740 crore initial share sale offer.

The IPO was slated to issue fresh shares worth Rs 370 crore, besides an offer for the sale of equity shares aggregating to Rs 370 crore by Inox Wind.

The company 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However, the draft IPO documents for the IPO were withdrawn on April 28, and the reasons for the withdrawal were not disclosed.