NLC India Renewables Limited (NIRL), a subsidiary of state-owned NLC India Limited, has appointed four leading investment banks as Book Running Lead Managers (BRLMs) for its proposed Initial Public Offering (IPO). The selected institutions are SBI Capital Markets, HDFC Bank, IIFL Capital Services and IDBI Capital Markets & Securities.
According to the company, the appointments were made through a structured and competitive selection process approved by the board. The proposed IPO is aimed at strengthening NIRL’s capital base, supporting its long-term growth strategy and accelerating investments in renewable energy projects.
The company said the public offering will also facilitate the listing of its equity shares on recognised stock exchanges in India, subject to regulatory approvals, prevailing market conditions and other customary requirements.
The appointed BRLMs will assist NIRL in key aspects of the IPO process, including due diligence, preparation of offer documents, coordination with regulatory authorities, issue marketing and compliance with applicable laws and regulations.
Incorporated in June 2023, NLC India Renewables Limited was established to manage and expand the renewable energy business of the NLC India Group. The company currently operates a renewable energy portfolio with an installed capacity of 1,785 MW across solar, wind, battery energy storage systems and rooftop solar projects located in Tamil Nadu, Rajasthan and the Andaman Islands.
The proposed IPO is expected to support NIRL’s expansion plans while contributing to India’s goal of achieving 500 GW of non-fossil fuel-based energy capacity by 2030.