Inox Wind’s arm Green Energy Services (IGESL) has withdrawn its proposed initial public offering (IPO) of Rs 740 crore. However, the company has not given any information about the reason for withdrawing the IPO.
What was the plan? Inox Green Energy Services had planned to issue fresh shares worth Rs 370 crore through its proposed IPO. Apart from this, there was also an offer for sale of shares worth Rs 370 crore from Inox Wind. The company had submitted draft documents for its proposed IPO before the Securities and Exchange Board of India (SEBI) on February 7.
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Let us tell you that any company that wants to raise funds through the sale of shares to public investors through instruments like IPO, will have to get approval from SEBI for this. The proceeds of the proposed issue were to be used for repayment of loans and for general corporate purpose.