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Sebi asks for fresh clarification on Inox Wind’s Rs 700 crore IPO

According to reports, market regulator Sebi has sought fresh clarifications from Inox Wind regarding the power solutions provider’s proposed Rs 700-crore initial public offer (IPO). Without disclosing the details of the clarifications sought, Sebi has said that “clarifications (are) awaited from lead manager” for the proposed public issue.

As per the latest weekly update to the processing status of draft offer documents filed with Securities and Exchange Board of India (Sebi), the regulator has said clarifications were awaited on the proposed IPO of Inox Wind as on March 14, 2014.

The status is updated on a weekly basis by the regulator and the next update of the status as on March 21, 2014 would be uploaded on Sebi Web site on the next working day. The market regulator said that it might issue observations on Inox Wind’s IPO document within 30 days from the date of receipt of satisfactory reply from the lead merchant bankers to the clarification or additional information sought from them.

Earlier, Sebi had sought clarification from Inox Wind’s lead manager, Axis Capital Ltd, in August 2013. Last communication between the regulator and merchant banker took place on January 17 this year.

The regulator had received the draft offer documents on July 5, 2013 through its lead manager. The issue comprises a fresh offering of equity shares aggregating up to Rs 700 crore and an offer for sale of up to 2 crore equity shares by the company’s promoter Gujarat Fluorochemicals.

The proceeds of the issue would be utilised for expansion and upgradation of existing manufacturing facilities, to meet long term working capital requirements, for investing in its subsidiary Inox Wind Infrastructure Services Ltd (IWISL), to develop power evacuation infrastructure and other general purposes.

Inox Wind is a wind power solutions provider. It manufactures wind turbine generators and provides turnkey solutions for wind farm projects. Apart from Axis Capital, DSP Merrill Lynch and Edelweiss Financial Services and Yes Bank are other book running lead managers to the issue.

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