Inox Green Energy Services, a subsidiary of Inox Wind, has filed fresh preliminary papers with capital markets regulator Sebi to raise Rs 740 crore through an Initial Public Offering (IPO).
The IPO comprises fresh issuance of equity shares worth Rs 370 crore and an offer-for-sale of equity stocks aggregating to Rs 370 crore by promoter Inox Wind, according to the Draft Red Herring Prospectus (DRHP) filed on Friday. Besides, the company may consider a pre-IPO placement. If such placement is completed, the fresh issue size will be reduced.
Proceeds from the fresh issue will be used for payment of debt and general corporate purposes. Inox Green Energy Services 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.
Earlier, the company had filed the DRHP for its proposed IPO in February with the Sebi. However, the draft offer documents for the IPO were withdrawn in late April without disclosing any reason.