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 markets regulator Sebis go ahead to raise up to Rs 740 crore through an initial public offering IPO.The IPO 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-IPO placement.
- Country:
- India
Inox Green Energy Services, a subsidiary of Inox Wind, has received capital markets regulator Sebi's go ahead to raise up to Rs 740 crore through an initial public offering (IPO).
The IPO 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-IPO placement. If such a placement is completed, the fresh issue size will be reduced.
Inox Green Energy Services, which had filed draft IPO papers with Sebi on June 20, obtained the observation letter from the regulator on September 13, an update with the capital markets watchdog showed on Monday.
The issuance of an observation letter by Sebi 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 Sebi. However, the draft offer documents for the IPO were withdrawn in late April without disclosing any reason.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- Sebi
- Inox Green Energy Services
- Maintenance
- DRHP
- Inox Wind
ALSO READ
Utkarsh Small Finance Bank settles disclosure violation case with Sebi by paying Rs 1.24 crore
After SEBI's cautious remark, small-cap funds show an outflow in March after 30 months
Sebi slaps Rs 12 lakh penalty on Prabhu Steel Industries, 3 others
Sebi to auction 22 properties of Rose Valley Group on May 20 in bid to recover investors' funds
Kronox Lab Sciences gets Sebi nod to float IPO