Inox Wind Energy gets shareholders' nod to raise up to Rs 90 crore

Inox Wind Energy on Tuesday said it has got shareholders' approval to raise up to Rs 90 crore through issuance of 10.62 lakh convertible warrants.

The approval was received at its Extraordinary General Meeting (EGM) on Tuesday.

The convertible warrants will be issued at the rate of Rs 847 per unit, as per the notice for the EGM.

The money will be used for meeting the funding requirements of the company, its subsidiaries' consolidated business operations and for general corporate purposes.

On December 27, 2021, the company's board had approved a proposal to this effect.

As per the proposal, the funds will be raised in one or more tranches, within a period of 18 months from the date of allotment of the warrants, aggregating to up to Rs 90 crore on preferential basis.

According to the EGM notice, it was proposed to issue 8,26,446 warrants worth up to Rs 70 crore to Devansh Trademart LLP, part of the company's promoter group.

Besides, the company will issue 2,36,128 warrants worth up to Rs 20 crore to Anjana Projects Private Ltd, a non-promoter entity.

The company has also got approval of the members for alteration of its Articles of Association to enable issuance of the warrants.