BusinessUSA

Inox Green Energy secures Sebi Nod to launch Rs. 740 crore IPO


By CNBCTV18.com STI (Update)

mini

However, draft offering documents for the IPO were withdrawn in late April without disclosing any reason. According to the latest DRHP filed on June 17, the Rs 740 crore IPO will include a new share issue worth Rs 370 crore and an offer to sell shares totaling Rs 370 crore by developer Inox Wind .

Inox Green Energy Services, a subsidiary of Inox Wind, plans to launch its initial public offering (IPO) by October this year to raise Rs 740 crore to fund its expansion plans.

Sources told CNBC-TV18 that the company got the green light from the Securities and Exchange Board of India (SEBI) to launch Rs. 740 crore IPO.

The launch of the IPO may be changed depending on market conditions. With that, the IPO is expected to consist of a mix of fresh issues of Rs 370 crore and a sell offer of Rs 370 crore, the sources added.

The company will initially focus on the Indian market and plans to tap into the overseas market after establishing itself there, Kailash Lal Tarachandani, CEO of Inox Wind, told PTI news agency.

This is the second time that Inox Green Energy Services has attempted to go public. The company submitted the draft Red Herring (DRHP) prospectus to market regulator Sebi in February ahead of its planned IPO.

However, draft offering documents for the IPO were withdrawn in late April without disclosing any reason. According to the latest DRHP filed on June 17, the Rs 740 crore IPO will include a new share issue worth Rs 370 crore and an offer to sell shares totaling Rs 370 crore by developer Inox Wind .

“Inox Green Energy Services is currently growing at 30-40% every year. Today, for Inox Green Services, the volume is close to Rs 160 crore and would hit Rs 400-500 crore in the next 3-4 years,” said the CEO.

Inox Green Energy Services provides long-term operation and maintenance (O&M) services for wind farm projects, especially for wind turbine generators (WTG) and common wind farm infrastructure facilities, which take responsible for dissipating energy. of these wind turbines.

(With PTI entries)

cnbctv18-forexlive

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button