According to its regulatory filing, Inox Wind, a provider of wind energy solutions, would become debt-free after its Rs740 crore initial share, which is awaiting SEBI approval, is completed and money infusion by promoters.
The company has a gross debt of Rs1,717.8 crore as of June 2022, a cash balance of Rs222 crore, and a net debt of Rs1,494.8 crore, according to the Draft Red Herring Prospectus (DRHP) submitted to the market regulator.
The company said last week that its promoters had decided to subscribe to non-convertible, non-cumulative participating redeemable preference shares on a private placement basis for up to Rs800 crore.
Two promoter group companies–Inox Leasing & Finance, which will inject up to Rs600 crore, and Inox Wind Energy, which will inject up to Rs200 crore–will inject the cash.
According to a statement released by the company on August 30, all of the funds obtained would be used to pay off debt.
The DRHP states that the whole IPO (Initial Public Offering) profits will also be utilized to pay off debt, leaving the company debt-free after the post-issue, all-new share issuance.
Prior to the IPO, the business also announced that it will sell its Rs350 crore share in the SPV, with net proceeds of Rs100 crore. Aside from that, it will receive little more than Rs200 crore from converting earlier-issued warrants.
It also stated that the business proposed raising its authorized share capital from its current level of Rs1,10,11,00,000 to Rs3,10,11,00,000 in order to accommodate the issue of preference shares.
The company's memorandum of association's share capital provision will need to be modified as a result of the increase in authorized share capital, it said.
Additionally, the business would ask shareholders for permission before moving its registered office from Gujarat to Himachal Pradesh.
For feedback and suggestions, write to us at editorial@iifl.com
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.