Inox Wind Energy merges with parent; stock hits 52-week high

13 Jun 2023 , 01:51 PM

Inox Wind Energy shares jumped 19% on June 13, reaching a 52-week high of Rs 2,148 on NSE in response to the announcement of the company’s merger with parent Inox Wind.

The company will merge with its parent company, Inox Wind, via a share swap. According to an exchange filing, for every ten shares of Inox Wind Energy, 158 equity shares of Inox Wind will be issued.

At around 1.39 PM, Inox Wind Energy was trading 15.22% higher at Rs 2,092.75 per piece, against the previous close of Rs 1,818 on NSE. 

By reducing the number of listed entities, this consolidation aims to simplify and streamline the group’s structure. For every ten Inox Wind Energy share warrants with an issue price of Rs 847, 158 Inox Wind share warrants are issued.

The company is a manufacturer of wind turbine generators and a provider of wind energy solutions.

The company’s primary focus is on generating and selling wind energy, offering services related to the construction, procurement, and commissioning of wind farms, and maintaining strategic involvement in the Renewable Energy sector.

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