Inox Wind trades flat on board nod to raise funds through pref shares

Inox Wind said that its board had “considered and approved raising of funds by way of issuance of 0.01% Non-Convertible Non-Cumulative Participating Redeemable Preference Shares of Rs 10 face value.

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Shares of Inox Wind were trading flat in the opening hours of November 8, a day after the wind energy company reported that it had received the board approval to raise funds through the issuance of Rs 500 crore worth non-convertible, redeemable preference shares. At close on November 7, the stock was trading at Rs 239.90.

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In a filing on the BSE, Inox Wind said that its board had considered and approved raising of funds by way of issuance of 0.01 percent non-convertible non-cumulative participating redeemable preference shares of
a face value of Rs 10 each of the company, fully paid up, at par, for cash consideration, on a private placement basis. Preference shareholders, the filing added, will be entitled to receive a participatory dividend in a financial year in which the company pays dividend to its equity shareholders
(participatory dividend). This dividend will be at the same rate as the dividend paid on the equity shares.

At 9:30am, the shares of Inox Wind were trading at Rs 239.45, around 0.2 percent lower than the November 7 close.

Also read: Inox Wind Consolidated September 2023 Net Sales at Rs 370.64 crore, up 245.68% YoY

On November 6, in another filing, Inox Wind had announced that its customer NTPC REL had commissioned the first part capacity of 50 MW out of the 150-MW Dayapar wind energy project in Gujarat. Inox Wind supplied and installed 113/92 – 2.0 MW capacity wind turbine generators for the project.

Additionally, Inox Wind, through its subsidiary Inox Green Energy Services, will provide “comprehensive operation and maintenance (O&M) services for the lifetime of the project (25 years)”.

Also read: Inox Wind arm to divest 100% stake in Gujarat-based wind farm

Inox Wind is engaged in the manufacturing and sale of wind turbine generators and erection, procurement and commissioning services. It also provides services in operations and maintenance, common infrastructure facilities for WTGs, and wind farm development. It has manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh with a cumulative manufacturing capacity of 1,600 MW.

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