May 9 (Renewables Now) - The material subsidiary of Indian wind turbine manufacturer Inox Wind Ltd (BOM:539083) has received board approval to proceed with an initial public offering (IPO) that could fetch up to INR 9 billion (USD 116.2m/EUR 110.2m).
Inox Green Energy Services Ltd (IGESL), formerly Inox Wind Infrastructure Services Ltd, plans to issue up to INR 5 billion in new equity shares. At the same time, existing stockholders are expected to participate in the offering by selling up to INR 4 billion worth of shares.
The transaction is subject to shareholder approval and depends on market conditions.
The latest announcement comes after in late April IGESL withdrew a Draft Red Herring Prospectus (DRHP) for an IPO of INR 7.4 billion in total. The draft papers were filed with the Securities and Exchange Board of India (SEBI) on February 7, 2022. The firm did not give a reason for the withdrawal.