NLC India Renewables Limited (NIRL) Appoints Four Book Running Lead Managers for Managing its Proposed Initial Public Offering
NLC India Renewables Limited ("NIRL"), a Wholly owned Subsidiary of NLC India Limited ("NLCIL"), has appointed four leading investment banking institutions as the Book Running Lead Managers (BRLMs) for its proposed Initial Public Offering ("IPO").
NLC India Renewables Limited ("NIRL"), a Wholly owned Subsidiary of NLC India Limited ("NLCIL"), has appointed four leading investment banking institutions as the Book Running Lead Managers (BRLMs) for its proposed Initial Public Offering ("IPO").
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. 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 selection process of BRLMs was carried out in accordance with the framework and evaluation methodology approved by board and was conducted through a structured, transparent and competitive process. SBI Capital Markets Limited , IIFL Capital Services Limited, IDBI Capital Markets & Securities Limited and HDFC Bank Limited are the four merchant bankers appointed as BRLMs by NIRL.
The appointment of the BRLMs marks an important milestone in NIRL's proposed listing process. The BRLMs shall 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 is the dedicated renewable energy arm of NLC India Limited and has been incorporated on 14th June, 2023, not only to spearhead the existing 1,785MW renewable business that span Solar, Wind, 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.
