New Delhi, State-owned NLC India's subsidiary NLC India Renewables Ltd (NIRL) has appointed four leading investment banks, including SBI Capital Markets and HDFC Bank, as book running lead managers for its proposed initial public offering (IPO).
The other two book running lead managers (BRLMs) which have been selected following a board-approved, structured and competitive process are -- IIFL Capital Services, IDBI Capital Markets & Securities.
The proposed IPO is expected to strengthen NIRL's capital base and support its long-term growth strategy in the renewable energy sector and to contribute to the country's target of achieving 500 GW of non-fossil fuel-based energy capacity by 2030, a company statement said on Friday.
Also, it is intended to facilitate the listing of the equity shares of NIRL on the recognised stock exchanges in India, subject to receipt of applicable statutory and regulatory approvals, prevailing market conditions and other customary considerations.
The appointment is subject to receipt of applicable statutory and regulatory approvals and prevailing market conditions, NIRL said in a statement.
The BRLMs will advise and assist the company in the preparation and management of the IPO, including undertaking due diligence, preparation of offer documents, coordination with regulatory authorities and intermediaries, marketing of the issue, and other activities in accordance with applicable laws and regulations.
NIRL was incorporated on June 14, 2023, not only to spearhead the existing 1,785MW renewable business that span solar, wind, battery energy storage system (BESS), roof top solar but also for future renewable energy business of the NLCIL Group.
The company is engaged in the development, generation, ownership and operation of renewable energy projects, with a focus on supporting India's clean energy transition and the nation's renewable energy capacity expansion objectives.
NIRL has emerged as a key driver of the nation's renewable energy transition since its inception. The company's current portfolio comprises an aggregate installed capacity of 1,785 MW across solar, wind, battery energy storage systems and rooftop solar, with operational assets in Tamil Nadu, Rajasthan, and Andaman.
The company is expanding aggressively across Tamil Nadu, Rajasthan, Gujarat, Assam, Maharashtra, Odisha, Uttar Pradesh, and Punjab.
