Inox Wind Ltd updates on IPO of Inox Green Energy Services Ltd

The Board of Directors of Inox Wind Ltd's (IWL) material subsidiary, Inox Green Energy Services Limited (Earlier known as Inox Wind Infrastructure Services Limited) ("IGESL") in their meeting held today i.e. 9th May, 2022, has accorded a fresh approval to the fund raising, subject to receipt of requisite approvals including approval of the shareholders, market conditions and other considerations, by way of an initial public offer of its Equity Shares comprising of fresh issue of Equity Shares aggregating upto Rs. 500 Crore ("Fresh Issue") and / or an offer of sale of Equity Shares by certain existing and eligible shareholders of the company, in accordance with the Companies Act, 2013 and the rules made thereunder ("Companies Act"), the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ("SEBI ICDR Regulations") and other applicable laws (the "Offer").

The IWL Committee of the Board of Directors for Operations of the Company in their meeting held today i.e. 9th May, 2022 have accorded its approval to participate in the proposed Offer through an offer for sale of Equity Shares aggregating upto an amount of Rs. 400 Crore in accordance with the Companies Act, the SEBI ICDR Regulations and other applicable laws.

The Offer will be subject to market conditions, receipt of applicable approvals and other considerations.

Shares of Inox Wind Limited was last trading in BSE at Rs. 96.10 as compared to the previous close of Rs. 104.40. The total number of shares traded during the day was 184540 in over 3073 trades.

The stock hit an intraday high of Rs. 102.60 and intraday low of 95.35. The net turnover during the day was Rs. 18235565.00.

Source : Equity Bulls

Keywords

InoxWind INE066P01011 InoxGreenEnergyServices IPO FundRaising