Inox Wind on Monday said the board of its arm Inox Green Energy Services Ltd has approved fundraising of Rs 500 crore through an initial public offering of its equity shares.
Inox Wind is a fully integrated player in the wind energy market with state-of-the-art manufacturing plants near Ahmedabad (Gujarat) for blades & tubular towers and at Una (Himachal Pradesh) for hubs &
nacelles.
The board of Inox Green Energy Services Limited formerly known as Inox Wind Infrastructure Services Limited (“IGESL”), in its meeting held on Monday, has approved fundraising by way of an initial public offer. The IPO will comprise a fresh issue of equity shares aggregating up to Rs 500 crore and/or an offer of sale of equity shares by certain existing and eligible shareholders of the company, as per the BSE filings.
Last month the Inox group reached a family settlement for the division of their business. As per the arrangement, Pavan Jain gets India’s second-largest multiplex company, Inox Leisure, and Inox Air Products.
His younger brother Vivek Jain gains control of the speciality chemicals and green energy businesses such as Gujarat Fluorochemicals (GFL), Inox Wind (IWL), and Inox Wind Energy. Inox Green Energy Services is the latest company looking to list on the bourses in a busy year.
Four IPOs are opening for subscription this week alone. A total of Rs 52,759 crore has been raised by 61 companies through initial public offers till October this fiscal.
Out of the 61 companies that hit the markets of the current fiscal, 34 entities were Small and Medium Enterprises (SMEs). The IPO is subject to receipt of requisite approvals, including nod of the shareholders, market conditions and other considerations, it said.
The company, as a shareholder, shall consider and finalise its participation in the aforesaid proposed offer of IGESL, it stated. Shares of Inox Wind were trading over 2.5% lower in Monday’s deals at ₹142 per share on the BSE. The stock has given a multi-bagger return of over 122% this year (year-to-date or YTD) so far, whereas, in a year’s period, the scrip has surged 179%.
