Inox Green Energy Services scraps IPO plans

Inox Wind’s arm Inox Green Energy Services Limited (IGESL) has decided to withdraw its proposed Rs 7.40 billion initial share sale offer.

The initial public offering (IPO) was slated to issue fresh shares worth Rs 3.70 billion, besides an offer for sale of equity stocks aggregating to Rs 3.70 billion by Inox Wind.The company had filed the Draft Red Herring Prospectus (DRHP) for the proposed IPO on February 7, 2022 with the Securities and Exchange Board of India.Proceeds of the proposed issue was to be utilised for payment of debt and general corporate purpose.The reasons for the withdrawal have not been disclosed.