Inox Wind allots NCPRPS worth Rs5cr on private placement basis to Devansh Trademart; Stock shoots up 8%

10 Jan 2022 , 03:07 PM

Inox Wind Limited informed the exchanges Friday that the Committee of the Board of Directors for Operations’ of the Company in its meeting held on January 7, 2022, has allotted, in fifth tranche, 50 lakh, 0.01% Non-Convertible, Non-Cumulative, Participating, Redeemable Preference Shares of Rs10/- each of the Company (NCPRPS) fully paid-up, at par, on private placement basis to Devansh Trademart LLP, an entity forming part of the Promoter Group for cash consideration aggregating Rs5cr.  

The fundraising is as part of the resolutions passed by the Board of Directors and the Shareholders of the Company in their respective meetings held on October 6, 2021 and October 29, 2021, company said. 

At around 3.10 pm, Inox Wind Ltd was trading at Rs127.60 per share up by Rs9.45 or 8% from its previous closing of Rs118.15 per share on the BSE. The scrip opened at Rs119 and has touched a high and low of Rs129.35 and Rs118.25 respectively.