Inox Wind's board nods Rs420.50 crore fund raise; stock skids ~5%

20 Apr 2022 , 02:26 PM

Inox Wind Limited, India’s leading wind energy solutions provider, at its Board of Directors meeting held today i.e., April 20, 2022 has amongst other matters, inter-alia, approved the fund raise subject to all requisite approval.

The company will raise funds upto Rs402.50 crore by way of a preferential issue of — equity shares of Rs10 each of the company at an issue price of Rs126 per equity share (inclusive of a premium of Rs116 per equity share), and Unlisted warrants each carrying a right to subscribe to 1 Equity Share of the face value of Rs10 each of the Company at a premium of Rs122 per equity share for each warrant, to be converted as per their terms.

Inox Leasing and Finance Limited, an entity forming part of the Promoter Group will be allotted shares worth Rs150 crore. Samena Green Limited, a Non-Promoter foreign company will be allotted Rs32.50 crore equity shares, and Rs120 crore convertible warrants and Lend Lease Company (India) Limited, a Non-Promoter entity will be allotted shares worth Rs30 crore and warrants worth Rs70 crore.

An amount equivalent to atleast 25% of the Issue Price shall be payable at the time of subscription and allotment of each Convertible Warrant and the balance 75% shall be payable at the time of exercise of such Convertible Warrant.

Inox Wind is currently trading at Rs112.30 down by Rs6.5 or 5.47% from its previous closing of Rs118.80 on the BSE. Its scrip has touched day’s high and low of Rs125.35 and Rs111 respectively.