Indowind Energy IPO opens for subscription

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Indowind Energy is open for subscription with initial public offering (IPO) of Rs 81.25 crore. The issue closes on August 24. The 100-per cent book-building process IPO would offer 1.25 crore equity shares of Rs 10 in the price band of Rs 55-65. The net issue would constitute 25 per cent of the fully diluted post issue paid-up capital of the company.

Of the total shares, about 1.22 crore will be offered to the public. About 2.60 lakh has been reserved for the employees.

The company intends using the proceeds for adding 9 MW capacity in Chitradurga, Karnataka, to purchase hydraulic cranes, and buy second-hand windmills. The power generated at Chitradurga will be sold to Karnataka Power Transmission Company.

UTI Securities is the book-running lead manager for the issue, Canara Bank as the co-book running lead manager, while Keynote Corporate Services is an adviser to the issue.