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Wind energy service provider Inox Wind on Monday informed that the company's material subsidiary Inox Green Energy will raise funds by way of initial public offering (IPO) for up to 500 crore.

“We hereby inform you that the Board of Directors of the Company’s material subsidiary, Inox Green Energy Services Limited (Earlier known as Inox Wind Infrastructure Services Limited) in their meeting held today i.e. 6 December, 2021 has approved fund raising, subject to receipt of requisite approvals including approval of the shareholders, market conditions and other considerations," the company said in an exchange filing today.

Inox Wind further added that the fund raising will be by way of an initial public offer of its equity shares comprising of fresh issue of equity shares aggregating upto 500 crore and/or an offer of sale of equity shares by certain existing and eligible shareholders of the company.

Shares of Inox Wind were trading over 2.5% lower in Monday's deals at 142 per share on the BSE. The stock has given multibagger return of over 122% this year (year-to-date or YTD) so far, whereas, in a year's period, the scrip has surged 179%. Inox Wind is a fully integrated player in the wind energy market with state-of-the-art manufacturing plants near Ahmedabad (Gujarat) for blades & tubular towers and at Una (Himachal Pradesh) for hubs & nacelles.

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