Inox Green Energy Gets Approval to Raise Rs 900 Crore via IPO
On Monday, the Board of Directors of Inox Wind arm Inox Green Energy Services approved a proposal to raise Rs 900 crore through an initial public offering (IPO).
The proposed IPO will include initial public offerings totaling up to Rs 500 crore and an offer for sale (OFS) by specific shareholders to the tune of Rs 400 crore, Inox Wind said in a BSE filing.
The BSE filing further said, “Board of Directors of our company’s material subsidiary Inox Green Energy Services Ltd in their meeting held on May 9, 2022, has accorded a fresh approval to the fundraising through an initial public offering.”
Inox Wind has said that the company has received approval from the Board of Directors to participate in the proposed offer for sale (OFS) of equity shares worth Rs 400 crore. Public offerings are subject to market conditions, receipt of relevant approvals, and other considerations.