Inox Wind on Tuesday said its arm Inox Green Energy Services Ltd (IGESL) has filed the draft papers with market regulator SEBI to raise up to Rs 740 crore through an initial public offer (IPO).
IGESL has filed a draft red herring prospectus with the Securities and Exchange Board of India on February 7, 2022, a BSE filing said.
As per the filing, the "proposed offer consists of a fresh issue of equity shares aggregating up to Rs 3,700 million (Rs 370 crore) and an offer for sale of equity shares aggregating up to Rs 3,700 million (Rs 370 crore) by the company."
Earlier in December 2021, the Board of IGESL (Earlier known as Inox Wind Infrastructure Services Ltd) had approved fundraising, subject to receipt of requisite approvals, including approval of the shareholders, market conditions and other considerations, by way of an initial public offer (IPO) of its equity shares comprising of fresh issue of equity shares (fresh issue) and/ or an offer for sale of equity shares by certain existing and eligible shareholders of IGESL (together with the fresh issue offer).
On January 18, 2022, as an existing and eligible shareholder of IGESL, Inox Wind had accorded its approval to participate in the proposed offer through an offer for the sale of equity shares.