Inox Wind on Tuesday said a panel of its board has approved its participation in the proposed initial public offer of Inox Green Energy Services Ltd (IGESL) through an offer for sale of equity shares worth Rs 400 crore.
On December 6, 2021, IGESL board approved fund raising through an initial public offer comprising fresh issue of equity shares aggregating up to Rs 500 crore (Fresh Issue) and/ or an offer for sale of equity shares by certain existing and eligible shareholders of the company (together with the Fresh Issue, Offer).
''The IWL Committee of the Board of Directors for Operations of the Company in their meeting held today i.e. 18 January, 2022 have accorded its approval to participate in the proposed offer through an offer for sale of equity shares aggregating up to an amount of Rs 400 crore,'' a BSE filing stated.
The company, as an existing eligible shareholder of IGESL, had to consider and finalize its participation in the proposed offer.
(With inputs from PTI)
