Indowind Energy to allot 35.8 mn shares worth Rs 43 cr under rights issue

Indowind Energy board on Tuesday approved a rights issue of 35.8 mn equity shares for Rs 43.07 crore

Indowind Energy board on Tuesday approved a rights issue of 3.58 crore equity shares for Rs 43.07 crore.

The right issue will be opened on January 27, 2023, and will be closed on February 10, 2023, a BSE filing showed.

The board meeting held today, i.e. December 27, 2022, has inter alia considered and approved the terms of the rights issue, it added.

The size of the rights issue is 3,58,96,594 fully paid-up equity shares for an amount aggregating to Rs 43,07,59,128 at an issue price of Rs 12 per piece, including a premium of Rs 2 per scrip.

The record date for the issue will be January 13, 2023, (Friday) for the purpose of determining the names of the equity shareholders who would be eligible to receive the rights entitlement in the issue (Eligible Equity Shareholders).

The outstanding equity shares prior to the rights issue are 8,97,41,486 equity shares while post rights issue, those would be 12,56,38,080 equity shares assuming full subscription.

Two equity shares will be allotted for every five equity shares held by the eligible equity shareholders of the company, as on the record date.