IND Renewable Energy Ltd Surges 5% as Board Approves Fund-Raising Plan

15 Jun 2023 , 02:01 PM

IND Renewable Energy Ltd witnessed a significant 5% jump in morning trade on June 15, a day after the company’s board approved a rights issue to raise Rs 26 crore. As of the time of writing, the IND Renewable Energy stock was trading 4.24% higher at Rs 15.24 on the BSE.

The company informed the exchanges on June 14 that its board of directors, during a meeting held on June 14, 2023, had given preliminary consideration and approval to raise funds through a rights issue of up to Rs 26,00,00,000. The board will decide the specific terms of the issue at a later stage.

As per the data, Previously, in March, the company announced that its board had approved a proposal to raise Rs 15 crore. Over the last six months, IND Renewable Energy Ltd has delivered a remarkable return of 25.06%, outperforming the benchmark Nifty, which has gained 2.05% during the same period.
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