Inox Green Energy gets Sebi’s go ahead to launch Rs 740-cr IPO


Inox Green Energy Services, a subsidiary of Inox Wind, has received capital regulator Sebi’s go ahead to raise up to Rs 740 crore through an initial public offering (IPO).

The will comprise fresh issuance of equity shares worth Rs 370 crore and an offer-for-sale of equity stocks aggregating to Rs 370 crore by promoter Inox Wind, according to the Draft Red Herring Prospectus (DRHP).

Besides, the company may consider a pre- placement. If such a placement is completed, the fresh issue size will be reduced.

Inox Green Energy Services, which had filed draft papers with on June 20, obtained the observation letter from the regulator on September 13, an update with the capital watchdog showed on Monday.

The issuance of an observation letter by implies its go ahead to float the initial share sale.

Going by the draft papers, proceeds from the fresh issue will be used for payment of debt and general corporate purposes.

Inox Green Energy Services is engaged in the business of providing long-term Operation and Maintenance (O&M) services for wind farm projects, specifically for Wind Turbine Generators (WTGs) and common infrastructure facilities on wind farms, which support the evacuation of power from such WTGs.

Earlier, the company had filed the DRHP for its proposed IPO in February with the . However, the draft offer documents for the IPO were withdrawn in late April without disclosing any reason.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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