Inox Wind Limited on Tuesday informed that its subsidiary, Inox Green Energy Services Limited (IGESL), has filed draft papers with the markets regulator for an initial public offer (IPO) of ₹740 crore.
The proposed offer consists of a fresh issue of equity shares aggregating up to ₹370 crore and an offer for sale of equity shares aggregating up to ₹370 crore by Inox Wind Limited.
IGESL submitted its DRHP with the Securities and Exchange Board of India (SEBI) on February 7, Inox Wind said in a regulatory filing.
In December last year, IGESL’s Board of Directors had approved the fundraising by way of an IPO of its equity shares and/or an offer of sale of equity shares by certain existing and eligible shareholders.
Inox Wind, as the existing and eligible shareholder of IGEL had accorded its approval on January 18 to participate in the proposed offer through an OFS in accordance with the Companies Act, 2013.
The decision of taking public the green energy services subsidiary comes at a time when there is a global attention on India market in the renewable energy space. Inox Wind shares ended in the red with a loss of 3.77 per cent at ₹130.20.