Power solutions provider Inox Wind has filed a draft prospectus with capital market regulator SEBI to raise Rs 700 crore through share sale.
The issue comprises a fresh offering of equity shares aggregating up to Rs 700 crore and an offer for sale of up to 2 crore equity shares by the company’s promoter Gujarat Fluorochemicals, according to Draft Red Herring Prospectus (DRHP) filed with SEBI.
The proceeds of the issue would be utilised for expansion and upgradation of existing manufacturing facilities, to meet long term working capital requirements, for investing in its subsidiary Inox Wind Infrastructure Services Ltd (IWISL), to develop power evacuation infrastructure and other general purposes.
Axis Capital, DSP Merrill Lynch and Edelweiss Financial Services and YES Bank are the book running lead managers to the issue.
The equity shares offered in the issue are proposed to be listed on BSE and the National Stock Exchange of India (NSE).
Inox Wind is wind power solutions provider. It manufactures wind turbine generators and provides turnkey solutions for wind farm projects.
The company had profit after tax (PAT) of Rs 150.33 crore and revenue of Rs 1,063.70 crore for the year ended March 31, 2013.