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Inox wind on Monday announced that its board has approved proposal for the firm's subsidiary Inox Green Energy Services to raise funds of about 900 crore through an initial public offering (IPO).

The proposed IPO will comprise fresh issuance of equity shares aggregating up to 500 crore and an offer for sale (OFS) of equity shares by certain shareholders to the tune of 400 crore, Inox Wind informed in an exchange filing.

"Board of Directors of our company’s material subsidiary, Inox Green Energy Services Ltd (Earlier known as Inox Wind Infrastructure Services Ltd) (IGESL) in their meeting held today i.e. May 9, 2022, has accorded a fresh approval to the fundraising... by way of an initial public offer," it added.

Inox Wind informed that the Board of Directors also accorded its approval to participate in the proposed offer for the sale of equity shares aggregating up to 400 crore. The public issue will be subject to market conditions, receipt of applicable approvals and other considerations.

On April 20, Inox Wind announced that its arm Inox Green Energy Services Ltd (IGESL) has decided to withdraw its proposed 740 crore initial share sale offer.

The company had filed the Draft Red Herring Prospectus (DRHP) for the proposed IPO on February 7 with the Securities and Exchange Board of India (Sebi). However, the draft IPO documents for the IPO were withdrawn on April 28, and the reasons for the withdrawal were not disclosed, as reported by PTI. 

Shares of Inox Wind closed nearly 2% lower at 94 apiece on the BSE in Monday's trading session.

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