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Inox Green Energy board approves proposal to raise Rs 900 cr via IPO

The proposed IPO will comprise fresh issuance of equity shares aggregating up to Rs 500 crore

Topics
Green energy | initial public offerings

Press Trust of India 

green energy

Inox wind arm Inox Services' board on Monday approved a proposal to raise Rs 900 crore through an initial public offer (IPO).

The proposed IPO will comprise fresh issuance of equity shares aggregating up to Rs 500 crore and an offer for sale (OFS) of equity shares by certain shareholders to the tune of Rs 400 crore, Inox Wind said in a BSE filing.

"Board of Directors of our Company's material subsidiary, Inox Services Ltd (Earlier known as Inox Wind Infrastructure Services Ltd) (IGESL) in their meeting held today i.e. May 9, 2022, has accorded a fresh approval to the fundraising... by way of an initial public offer," it added.

Inox Wind informed that the Board of Directors also accorded its approval to participate in the proposed offer for the sale of equity shares aggregating up to Rs 400 crore.

The public issue will be subject to market conditions, receipt of applicable approvals and other considerations.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, May 10 2022. 02:14 IST
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