Indowind Energy hits the roof as board OKs rights issue

Indowind Energy was locked in an upper circuit of 5% at Rs 15.26 after its board in its meeting held on 27 December 2022, approved rights issue of 3.58 crore equity shares aggregating to Rs 43.07 crore.

The company will allot two equity shares for every five equity shares held by the eligible equity shareholders of the company, as on the record date. The record date for the same is fixed at 13 January 2023.

The rights issue will open on 27 January 2023 and will close on 10 February, 2023.

The company will issue 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 share, including a premium of Rs 2 per equity share.

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

Indowind Energy develops wind farms for sale, manages the wind assets, and generates Green Power for sale to utilities and corporates.

The company's consolidated net profit surged 656.86% to Rs 3.86 crore on 64.60% increase in net sales to Rs 14.60 crore in Q2 FY23 over Q2 FY22.

Powered by Capital Market - Live News