Inox Green Energy Services, a subsidiary of Inox Wind, has received authorization from market regulator Sebi to launch its Rs 740 crore initial public offering (IPO).
The draft red herring prospectus (DRHP) states that the company's public offering will consist of new shares worth Rs 370 crore as well as an offer by the company's promoter Inox Wind to sell equity shares totaling Rs 370 crore.
On June 20 of this year, the company submitted draft IPO documents to the capital market watchdog. On September 13, it received an update and an observation letter from the regulator. The observation letter from Sebi suggests that the regulator has given the public issue the go-ahead.
According to the draft papers, the issue's proceeds will be used to pay down debt and for general company reasons.
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