On Monday, Inox wind announced IPO approval from BOD for the subsidiary company of Inox Green Energy services to raise a fund of about Rs 900 crore through an initial public offer (IPO). IPO will be comprising fresh issuance of equity shares aggregating up to Rs 500 crore.

“Board of Directors of our company’s material subsidiary, Inox Green Energy 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.

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The BOD has informed about the approval of the proposal offer for the sale of equity shares with an aggregate of Rs 400 crore. Also, the public issue will depend on market conditions and other conditions with receipt of approvals.

Inox Wind has announced that its arm Inox Green Energy Services Ltd (IGESL), will withdraw its proposed share offer of Rs 740 crore.

On February 7, the company filed Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi), this draft IPO was withdrawn on April 28, but the reason was not disclosed due to confidential securities.