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The subsidiary firm of Inox Wind-Inox Green Energy Services has filed fresh draft papers with SEBI for Rs. 740 crore IPO. As per the Draft Red Herring Prospectus (DRHP) filed on Friday, the issue shall include fresh equity share issuance of Rs. 370 crore and there will be an OFS of the remaining amount i.e. Rs. 370 crore by the promoter Inox Wind. Notably, the renewable energy services company earlier withdrew its IPO plan in late April after it filed DRHP in February.
Also, the company may mull upon a pre-IPO placement, if executed the company may go on to reduce the fresh issue size. The proceeds realised from the fresh issue will be put to pay debt and for other general corporate purposes.
In May this year, the company Board approve a fresh proposal for a bigger IPO aggregating to up to Rs. 900 crore.
IGESL is engaged in the business of providing long term operation and maintenance (O&M) services for wind farm projects, specifically for wind turbine generators (WTGs) and the common infrastructure facilities on the wind farm, which support the evacuation of power from such WTGs.
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