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IPO

Inox Green Energy attracts Rs.333-Cr from anchor investors

MyBigPlunge  

Inox Green Energy Services, a subsidiary of Inox Wind, has raised INR 333 crore from anchor investors including Morgan Stanley Asia (Singapore) Pte, Nomura Singapore Ltd, Citigroup Global Markets Mauritius Pvt Ltd, HDFC Mutual Fund (MF), ICICI Prudential MF, Aditya Birla Sun Life MF. The funds were raised a day before its initial share-sale that opened for public subscription. The company would allocate 5.12 crore shares to anchor investors at INR 65 apiece aggregating to INR 333 crore. The INR 740-crore initial public offering (IPO) of Inox Green comprises a fresh issue and an offer for sale of INR 370 crore each. The company has fixed a price band of INR 61-65 per share for its IPO. Proceeds from the fresh issue will be used for payment of debt. The issue will conclude on November 15. Inox Green is in the business of providing long-term Operation and Maintenance (O&M) services for wind farm projects, specifically for wind turbine generators and common infrastructure facilities on wind farms.