SEBI Halts Rs 10,000 Crore IPO of Inox Clean Energy Amid Investigations
1 report, 1 independent
Updated Oct 6
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What happened
The Securities and Exchange Board of India placed the proposed Rs 10,000-crore initial public offering of Inox Clean Energy in abeyance. This action was taken due to ongoing investigations involving parent INOXGFL Group entities. The scrutiny focused on transactions through which listed Inox Green Energy Services divested its shareholding in Inox Clean Energy and three subsidiaries.
From moneycontrol.com
Why it matters
The IPO package included a fresh issue of Rs 8,000 crore and an offer for sale of Rs 2,000 crore by promoter Devansh Jain. The INOXGFL Group, which promotes Inox Clean Energy, utilizes the fresh proceeds to repay debt.
From moneycontrol.com
Who's involved
- Vivek JainVivek Jain-led INOXGFL Group promotes Inox Clean Energy and is under investigation.
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The entities involved
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Vivek Jain
researcher (ORCID 0000-0002-1650-5527)
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