Inox Wind Energy zooms 19%, hits 52-week high on merger with parent

The company will merge with parent Inox Wind through a share swap. For every 10 shares of Inox Wind Energy, 158 equity shares of Inox Wind will be issued.

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Shares of Inox Wind Energy shot up 19 percent on June 13, hitting 52-week high of Rs 2,150, reacting to the announcement of the company’s merger with parent Inox Wind.

At 09:36 am, Inox Wind Energy stock was quoting at Rs 2,075, up 14.49 percent, on the BSE. The stock has rallied more than 80 percent in the past three months and is up over 285 percent in the past one year.

The company will merge with parent Inox Wind through a share swap. For every 10 shares of Inox Wind Energy, 158 equity shares of Inox Wind will be issued, the company said in an exchange filing.

This consolidation aims to simplify and streamline the group’s structure by reducing the number of listed entities. For every 10 share warrants of Inox Wind Energy with an issue price of Rs 847 each, 158 share warrants of Inox Wind.

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The company is engaged in the business of manufacturing Wind Turbine Generators and is a wind energy solutions provider.

Inox Wind Energy was incorporated on March 6, 2020 under the Companies Act, 2013 with the objective of engaging in business of generation and sale of wind energy, providing services for Erection, Procurement and Commissioning (EPC) of wind farms and holding strategic business interest in Renewable Energy.

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