Inox Green Energy Services abandons its IPO project; remove draft papers

Inox Wind said on Friday that its subsidiary Inox Green Energy Services Ltd (IGESL) had decided to withdraw its initial offer to sell shares of Rs 740 crore.

The initial public offering (IPO) was to issue new shares worth Rs 370 crore, in addition to an offer for sale (OFS) of shares totaling Rs 370 crore by Inox Wind.

The company had filed the draft Red Herring (DRHP) prospectus for the proposed IPO on February 7 with the Securities and Exchange Board of India (Sebi).

However, the draft offering documents for the IPO were withdrawn on April 28 and the reasons for the withdrawal were not disclosed.

“We have been informed by the IGESL that its Board of Directors has had its resolution adopted by broadcast dated April 28, 2022, the letter of consent from us dated April 28, 2022 and the resolution dated April 28, 2022 2022 adopted by our Operations Committee, decided to withdraw the DRHP filed with Sebi, and accordingly, the DRHP was withdrawn on April 28, 2022 by letter dated April 28, 2022 from the lead managers in charge of the offer” , Inox Wind said in a regulatory filing to ESB.

Any company seeking to raise funds through the sale of shares to public investors through instruments such as IPO must obtain authorization from Sebi for the same.

The proceeds of the proposed issuance were to be used for debt payment and general corporate purpose.

IGESL is engaged in providing long-term operation and maintenance (O&M) services for wind farm projects, especially for wind turbine generators (WTG) and common infrastructure facilities on the wind farm, which support the evacuation of energy from these WTGs.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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