Inox Wind rose 1.58% to Rs 128.65 after the company said it will offer shares worth Rs 400 crore in the proposed initial public offering of its material subsidiary, Inox Green Energy Services.
In December 2021, the board of Inox Wind's material subsidiary, Inox Green Energy Services (erstwhile Inox Wind Infrastructure Services), approved raising funds through an initial public offer (IPO).The IPO will comprise "fresh issue of Equity Shares aggregating upto Rs. 500 Crore ('Fresh Issue') and/ or an offer for sale of Equity Shares by certain existing and eligible shareholders of the company (together with the Fresh Issue, 'Offer')," the company said in a statement.
The IPO will be subject to market conditions, receipt of applicable approvals and other considerations, it added.
Inox Wind is India's leading wind energy solutions provider servicing IPPs, Utilities, PSUs, corporates and retail investors. It is a fully integrated player in the wind energy market with three manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh with a cumulative manufacturing capacity of 1,600 MW.
On a consolidated basis, Inox Wind reported net loss of Rs 57.26 crore in Q2 September 2021 as against net loss of Rs 76 crore in Q2 September 2020. Net sales declined 3.07% to Rs 165.84 crore in Q2 September 2021 over Q2 September 2020.
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