The IPO comprises fresh allocation of equity shares worth Rs 370 crore and an offer- for- trade of equity stocks adding up to Rs 370 crore by protagonist Inox Wind. Inox Green Energy Services, an attachment of Inox Wind, has filed fresh primary papers with capital requests controller Sebi to raise Rs 740 crore through an original Public Offering (IPO).
The IPO comprises fresh allocation of equity shares worth Rs 370 crore and an offer- for- trade of equity stocks adding up to Rs 370 crore by protagonist Inox Wind, according to the Draft Red Herring Prospectus (DRHP) filed on Friday. Either, the company may consider a pre-IPO placement. However, the fresh issue size will be reduced, if similar placement is completed. Proceeds from the fresh issue will be used for payment of debt and general commercial purposes. Inox Green Energy Services is engaged in the business of furnishing long term Operation and conservation (O&M) services for wind ranch systems, specifically for Wind Turbine creators (WTGs) and the common structure installations on the wind ranch, which support the evacuation of power from similar WTGs.
Before, the company had filed the DRHP for its proposed IPO in February with the Sebi. Still, the draft offer documents for the IPO were withdrawn in late April without telling any reason.
INOX GREEN ENERGY SERVICES Ltd
INOX Green is a major wind power operation and maintenance (“O&M”) service provider within India. INOX Green is engaged in the business of providing long-term O&M services for wind farm projects, specifically the provision of O&M services for wind turbine generators (“WTGs”) and the common infrastructure facilities on the wind farm which support the evacuation of power from such WTGs.
Inox Green Energy Services Limited was originally incorporated as a public limited company under the Companies Act, 1956 on 11th May, 2012 as Inox Wind Infrastructure Services Limited. The Company received a certificate of commencement of business on 14th June, 2012 from the Registrar of Companies, Gujarat, Dadra and Nagar Haveli. The name of the Company was changed to Inox Green Energy Services Limited with effect from 27th October, 2021. The Company is a subsidiary of Inox Wind Limited and is a part of the INOXGFL Group which principally operates in the speciality chemicals and renewable energy sectors and has historical connections with the wider Inox Group which commenced operations in 1923. The Company is engaged in the business of providing Operation & Maintenance (O&M) services and common infrastructure facilities for Wind Turbine Generators.
Operations services are necessary for ensuring the prime functioning of wind farms and the associated power evacuation infrastructure. Our operations services consist of remote monitoring & control through supervisory control and data acquisition (SCADA), coordination with DISCOMs which covers timely reading of energy meter, in addition to other host of offerings. Furthermore, our operation services covers provision of Daily Generation Reports to our customers, implementation of Quality, Safety and Environment management systems for our own and outsourced staff in line with the latest ISO standards. Maintenance service is a vital element and has a major contribution within the overall costs of maintaining a wind farm. The maintenance of WTGs is generally categorised into predictive and reactive maintenance. In reactive maintenance, repairs are undertaken once a component fails and often results in long downtimes for the affected WTG. In predictive maintenance, efforts are taken to detect potential component failures in advance so as to be able to resolve any issues early and minimize such downtime. The Company focuses on predictive maintenance through the scheduling of regular inspections and maintenance (which are enhanced during peak wind seasons) as well as employing advanced tools such as wtSCADA to monitor the conditions of the WTGs and common infrastructure facilities in our portfolio to allow for early detection and resolution of issues.
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