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Inox Green Energy Services withdraws IPO

Economic Times  

Inox Green Energy Services Ltd (IGESL) has decided to withdraw its proposed Rs 740 crore initial share sale offer. The Initial Public Offering (IPO) was slated to issue fresh shares worth Rs 370 crore, besides an Offer for Sale (OFS) of equity stocks aggregating to Rs 370 crore by Inox Wind. Proceeds of the proposed issue was to be utilised for payment of debt and general corporate purpose. IGESL is engaged in the business of providing long term operation and maintenance (O&M) services for wind farm projects, specifically for wind turbine generators (WTGs) and the common infrastructure facilities on the wind farm, which support the evacuation of power from such WTGs.