Inox Green Energy makes fresh application for ₹740-crore IPO

BL Ahmedabad Bureau | Updated on: Jun 20, 2022

Decision comes after board nod for a bigger ₹900-crore IPO in May

In yet another attempt to hit the capital markets after withdrawing its IPO proposal, the renewable energy services player, Inox Green Energy Services Ltd (IGESL), an Inox Wind Ltd (IWL) subsidiary, on Monday filed fresh application to raise ₹740 crore through an initial public offering (IPO).

The company has filed preliminary papers with SEBI. The fresh application, as per the Draft Red Herring Prospectus (DRHP), comprises fresh issuance of equity shares worth ₹370 crore and an offer-for-sale (OFS) of equity stocks aggregating to ₹370 crore by Inox Wind.

Proceeds from the fresh issue will be used for payment of debt and general corporate purposes, the company informed.

Fresh proposal

The development comes after the company's Board of Directors in May this year, cleared a fresh proposal for a bigger-in-size IPO aggregating up to ₹900 crore.

IGESL is engaged in the operation and maintenance of wind turbine generators and common infrastructure facilities on the wind farm. Earlier in February 2022, the company filed the DRHP for a similar-size IPO, but later withdrew in April without disclosing any reason.

The fresh application was made on June 17. Inox Wind shares ended in red at ₹80.30, down 4.8 per cent on the BSE on Monday.

Published on June 20, 2022
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