Inox Wind subsidiary files for USD-95m IPO anew

Bombay Stock Exchange. Author: Niyantha Shekar. License: Creative Commons, Attribution 2.0 Generic.

June 21 (Renewables Now) - The material subsidiary of Indian wind turbine manufacturer Inox Wind Ltd (BOM:539083) has again filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for a proposed initial public offering (IPO).

Inox Wind said on Friday it has been informed that the proposed offer consists of a fresh issue of equity shares aggregating up to INR 3.7 billion (USD 47.4m/EUR 44.8m) along with an offer for the sale of equity shares of up to INR 3.7 billion by the wind turbine maker itself.

The subsidiary in question, Inox Green Energy Services Ltd (IGESL), formerly Inox Wind Infrastructure Services Ltd, initially filed draft papers for an IPO of a similar size in February before withdrawing them in late April without elaborating. In May, it said it had received board approval to proceed with an IPO that could fetch up to INR 9 billion.

(INR 10 = USD 0.128/EUR 0.121)

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