Inox Wind gets board approval to raise funds via preference shares; stock gains ~2%

8 Nov 2023 , 11:20 AM

Inox Wind shares are trading 2% higher in the early hours of November 8, a day after the wind energy business announced that it received board approval to raise capital through the issuing of non-convertible, redeemable preference shares worth Rs 500 crore. 

At around 11.09 AM, Inox Wind was trading 1.63% higher at Rs 243.80, against the previous close of Rs 239.90 on NSE. 

Inox Wind said in a BSE filing that its board of directors considered and approved raising funds through the issuance of 0.01% non-convertible non-cumulative participating redeemable preference shares of the company, fully paid up, at par, for cash consideration, on a private placement basis.

The filing also said that preference shareholders will be entitled to a participatory dividend in every fiscal year in which the firm pays a dividend to its equity shareholders (participatory dividend). This dividend will be paid at the same rate as the equity dividend.

On November 6, Inox Wind said in another filing that its customer NTPC REL has commissioned the first 50 MW of the 150-MW Dayapar wind energy project in Gujarat. For the project, Inox Wind delivered and installed 113/92 – 2.0 MW wind turbine generators.

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