- Inox Green Energy launched a QIP to raise Rs 300 crore with an option to increase to Rs 400 crore
- The indicative issue price is Rs 165.65 per share, a 5.15% discount to the current market price
- SEBI floor price for the shares is set at Rs 174.36 per share
Inox Green Energy Services Ltd. has opened a qualified institutional placement (QIP) to raise Rs 300 crore, with an option to upsize the issue to Rs 400 crore, according to sources.
The indicative issue price has been set at Rs 165.65 per share, a 5.15% discount to the current market price, while the Securities and Exchange Board of India's floor price for the issue is Rs 174.36 per share.
The company's Operations Committee approved the opening of the QIP at a meeting held on September 24, according to regulatory filings with the BSE and NSE.
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The floor price has been determined in line with the pricing formula prescribed by SEBI, with September 24 set as the relevant date for calculating the issue price.
Inox Green has shareholder approval to offer a discount of up to 5% to the floor price. The final issue price will be determined by the company in consultation with the book-running lead manager.
Emkay Global Financial Services is the banker to the issue, sources said.
The company had received board approval for the QIP on July 22, followed by shareholder approval at an extraordinary general meeting on August 13. The Operations Committee has also approved the preliminary placement document and application form for the issue.
The company and its promoters will be subject to a 60-day lock-in period, according to the issue terms.
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Separately, the trading window for designated persons and their immediate relatives has been closed from September 24 under insider-trading regulations. The window will reopen 48 hours after the QIP price is determined.
Inox Green Energy Services Ltd. shares closed at Rs 173.48, down 0.76% on the NSE today.
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