INOX Clean Energy files Rs 60 billion IPO papers with SEBI

INOX Clean Energy, a subsidiary of the INOXGFL Group, has filed confidential draft papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) to raise Rs 60 billion. The offer will involve over 10 per cent equity dilution and aims to support the company’s capital expenditure plans for upcoming renewable energy projects and manufacturing facilities. The company currently operates 157 MW of renewable capacity, with 400 MW under construction and a development pipeline of 2.2 GW. IPO proceeds will be used to fund projects totalling Rs 65 billion. Investment banks, including JM Financial, Motilal Oswal, Nuvama, IIFL Securities, and ICICI Securities are managing the issue.