Inox Wind board okays issuance of preference shares worth Rs 1,100 cr

Inox Wind on Wednesday said its board has approved the issuance of preference shares worth Rs 1,100 crore to its promoters.

The decisions in this regard were taken in a board meeting held on October 6 this year, according to a BSE filing.

It also approved the proposal of issuance of 0.01 per cent non-convertible non-cumulative, participating, redeemable preference shares of the face value of Rs 10 each to Inox Wind Energy Ltd, promoter of the company. The issue will be for consideration other than cash, at par, for an aggregate value not exceeding Rs 1,000 crore on a private placement basis.

The board also approved the proposal of issuance of 0.01 per cent non-convertible, non-cumulative, participating, redeemable preference shares of the face value of Rs 10 each to Devansh Trademart LLP, an entity forming part of the promoter group. The issue will be for cash consideration, at par, for an aggregate value not exceeding Rs 100 crore on a private placement basis.

The board approved an enabling resolution for raising funds up to Rs 200 crore by way of private placement or preferential issue or public issue or through any other permissible mode and/or combination thereof, including by way of qualified institutional placement.

The board has also authorised Inox Wind Infrastructure Services Ltd (IWISL), a material subsidiary of the company, to transfer through 'slump sale' of its erection, procurement and commissioning (EPC) business to Resco Global Wind Services Pvt Ltd, currently a wholly-owned subsidiary of IWISL.

The board of directors has also decided to convene an extraordinary general meeting (EGM) on October 29, to seek the approval of the company's shareholders for the decisions taken on Wednesday.

The board has also included a proposal to increase the authorised capital of the company in the EGM notice.

The board approved the draft notice for the EGM.

The notice of the said EGM shall be submitted to stock exchanges in due course in compliance with the provisions of the listing regulations.

The board also approved the discontinuation of the procedure for shifting of the company's registered office from Himachal Pradesh to Gujarat, due to various commercial considerations.