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Inox Wind Shares Gain 2% as Board Approved Raising Rs 500 Crore Through Preference Shares

The company had raised Rs 800 crore through the sale of equity shares of Inox Wind through a block deal.

Shares of Inox Wind were trading 2% higher on 8 November after the Board of Directors of the company approved to raise funds through the issuance of non-convertible, redeemable preference shares for Rs 500 crore.

In its regulatory filing, the company said that the board of the company has considered and approved the raising of funds by issuing of 0.01% non-convertible non-cumulative participating redeemable preference shares with a face value of Rs 10 each of the company that will be fully paid up and at par for cash consideration and on a private placement basis.

The company added that the preference shareholders will be entitled to receive a participatory dividend in a financial year in which the company will pay a dividend to its equity shareholders and will be at the same rate as the dividend paid on the equity shares.

On 6 November, the company also announced that its customer NTPC REL had commissioned the first part capacity of 50 megawatts from the 150 megawatts Dayapar wind energy project in Gujarat.

The company had supplied and installed 113/92 – 2.0 megawatt capacity wind turbine generators for the project. Moreover, Inox Green Energy Services, a company subsidiary, will provide “comprehensive operation and maintenance (O&M) services for the lifetime of the project.”

At 11:40 am, the shares of Inox Wind were trading 1.52% higher at Rs 243.55 on NSE.

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