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Inox Wind Ltd’s subsidiary, Inox Green Energy Services Ltd, has fixed the price band for its ₹740-crore initial public offering (IPO) at ₹61-65 a share. The minimum lot size for bidding will be 230 equity shares and in multiples thereof.
The offer will open for subscription to public on November 11 and close on November 15, a regulatory filing by Inox Wind said.
It may be noted that in June, the company had filed draft papers for the IPO with SEBI. In September, it received the go-ahead from the regulator.
Use of proceeds
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 the promoter Inox Wind.
Further, the offer will open for subscription by anchor investors on November 10, the filing said. The proceeds from the fresh issue will be used for payment of debt and general corporate purposes.
IPO withdrawn
Earlier in February 2022, the company filed the DRHP for a similar-size IPO, but later withdrew in April without disclosing any reason.
Inox Green is engaged in Operation and Maintenance (O&M) services for wind farm projects, specifically for wind turbine generators and common infrastructure facilities on wind farms.
IInox Wind shares ended in red at ₹144.85 on BSE, down nearly 4 per cent Monday.
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