After withdrawing its Rs 740-crore IPO application last month, the board of directors of Inox Green Energy Services Ltd (IGESL), an Inox Wind Ltd (IWL) subsidiary, on Monday cleared a fresh proposal for a bigger-in-size initial public offer (IPO) aggregating up to Rs 900 crore.
The IGESL board met on Monday and accorded approval for the proposed IPO comprising a fresh issue of equity shares aggregating up to Rs 500 crore and and offer-for-sale (OFS) of equity shares by certain existing shareholders up to Rs 400 crore, IWL said in a regulatory filing.
"The board of directors of our company’s material subsidiary, IGESL, in their meeting held today May 9, 2022, has accorded fresh approval to the fund raising, subject to receipt of requisite approvals, including approval of the shareholders, market conditions and other considerations, by way of an initial public offer of its equity shares comprising fresh issue of equity shares aggregating to Rs 500 crore."
The company also said the "IWL committee of the board of directors for operationsin their meeting held today i.e. May 9, 2022 have accorded its approval to participate in the proposed offer through an offer-for-sale (OFS) of equity shares aggregating up to Rs 400 crore."
On April 28, IGESL's board had withdrawn the DRHP for a Rs 740-crore IPO without citing any reasons.
IGESL, which is engaged in the operation and maintenance of wind turbine generators, had filed its DRHP on February 7, 2022, comprising fresh issue of equity shares aggregating Rs 370 crore, and an offer-for-sale aggregating Rs 370 crore by lnox Wind Ltd.
IWL shares ended 2 per cent down at Rs 94 on BSE on Monday.