- INR 5 billion to be issued in new equity shares.
India’s wind turbine manufacturer’s material subsidiary, Inox Wind Ltd, has been given the approval of the board to proceed with an initial public offering (IPO) that has the potential of fetching up to INR 9 billion.
Plans are that up to INR 5 billion will be issued in new equity shares by the company. While this is happening, it is expected that existing stakeholders will take part in the offering by selling up to INR 4 billion worth of shares. The transactions are however subject to the approval of shareholders and dependent on the conditions of the market.
The latest announcement comes after in late April IGESL withdrew a Draft Red Herring Prospectus (DRHP) for an IPO of INR 7.4 billion in total. The filing of the draft papers with the Securities and Exchange Board of India was done on the 7th of February, 2022. IGESL did not give a reason for this withdrawal.