The Draft Red Herring Prospectus (DRHP) for the initial public offering (IPO) of Inox Green Energy Services Ltd (IGESL) has been filed with market regulator Sebi.
IGESL, which is an arm of Inox Wind, is aiming to raise up to Rs 740 crore through the IPO.
The proposed IPO offer has a fresh issue of equity shares aggregating up to Rs 370 crore and an offer for sale of equity shares aggregating up to Rs 370 crore.
The company has a total debt of Rs 827 crore. From the IPO proceeds, the company will pay Rs 260 crore.
Earlier in December 2021, the Board of IGESL (Earlier known as Inox Wind Infrastructure Services Ltd) had approved fundraising, subject to receipt of requisite approvals, including approval of the shareholders, market conditions and other considerations, by way of an initial public offer (IPO) of its equity shares comprising of fresh issue of equity shares (fresh issue) and/ or an offer for sale of equity shares by certain existing and eligible shareholders of IGESL (together with the fresh issue offer), according to a PTI report.
On January 18, 2022, as an existing and eligible shareholder of IGESL, Inox Wind had accorded its approval to participate in the proposed offer through an offer for the sale of equity shares, the PTI report says.
