NLC India Renewables Limited (NIRL), a 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).

According to a press note, 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.

It is also intended to facilitate the listing of the equity shares of NIRL on the recognised stock exchanges in India, subject to receipt of statutory and regulatory approvals.

According to NLCIL, the selection of BRLMs was carried out in accordance with the framework and evaluation methodology approved by the Board and was conducted through a structured, transparent, and competitive process.

The BRLMs shall advise the company in the preparation and management of the IPO, including undertaking due diligence, preparation of offer documents and coordination with regulatory authorities and intermediaries, NLCIL said.