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Inox Green Collects Rs 333 Cr From Anchor Investors Before IPO

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Prior to its initial share-sale, the funds were raised that opened for public subscription on 11 November. The funds collected by the company will be allocated 5.12 crore shares to anchor investors at Rs 65 apiece. The initial public offering (IPO) of Inox Green of worth Rs 740-crore consists of fresh issue and an offer for sale of Rs 370 crore each

The Inox Green Energy Services, has collected Rs 333 crore from anchor investors. It is the subsidiary of Inox Wind.

Prior to its initial share-sale, the funds were raised that opened for public subscription on 11 November. The issue will come to an end on 15 November.

The funds collected by the company will be allocated 5.12 crore shares to anchor investors at Rs 65 apiece. The value of the transaction would total to Rs 333 crore, as per a circular uploaded on the website of Bombay Stock Exchange late night on 10 November.

The anchor investors of the company include Morgan Stanley Asia (Singapore) Pte, Nomura Singapore Ltd, Citigroup Global Markets Mauritius Private Limited, HDFC Mutual Fund (MF), ICICI Prudential MF, Aditya Birla Sun Life MF

The initial public offering (IPO) of Inox Green of worth Rs 740-crore consists of fresh issue and an offer for sale of Rs 370 crore each.

The company has decided a price bracket of Rs 61-65 per share for its IPO. The proceeds from the fresh issue will be utilised for payment of debt and general corporate purposes.

The Inox Green is into providing a long-term Operation and Maintenance (O&M) services for wind farm projects, specifically for wind turbine generators and common infrastructure facilities on wind farms.

The shares of the company will be listed on the Bombay Stock Exchange and National Stock Exchange.

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Adani Green Energy Acquires 3 SPVs From Inox Green Energy

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Three special purpose vehicles (SPVs) acquired are Wind One Renergy Limited (WORL), Wind Three Renergy Limited (WTRL) and Wind Five Renergy Limited (SFRL). Both, Adani Green and Inox Wind informed the stock exchanges individually about the transaction which was settled in cash

Adani Green Energy Limited (AGEL) said that it acquired three entities from Inox Green Energy Services Limited (IGESL) each holding 50 MW operational wind power projects at Dayapar in Gujarat, on 10 October.

The three special purpose vehicles (SPVs) acquired by Adani Green Energy are Wind One Renergy Limited (WORL), Wind Three Renergy Limited (WTRL) and Wind Five Renergy Limited (SFRL).

Both, Adani Green and Inox Wind informed the stock exchanges individually about the transaction which was settled in cash. “The acquisition is expected to be value accretive to our shareholders,” said Adani Green.

Inox Wind during a filing said,”The company’s subsidiary, Inox Green Energy Services Ltd (IGESL), has sold its entire 100% shareholding in WORL, WTRL and WFRL at a cash consideration of ₹1.00 Lakh each.”

Back in 2019, Inox Wind secured 250 MW in SECI Tranche 1 auction at a fixed tariff of Rs 3.46 per unit for a period of 25 years for sale to PTC India.

“IGESL shall provide long-term operations and maintenance services for these projects,” said an official statement. IGESL is a subsidiary of Inox Wind.

In total the three SPVs generated a combined turnover of worth Rs121 crore in FY22 (WORL Rs 42.3 cr, WTRL Rs 42.2 cr and WFRL Rs 36.5 cr) said Adani Greens during its stock exchange filing.