Inox Wind Energy board OKs fund raising of Rs 90 crore

Inox Wind Energy on Monday announced that the company's board at its meeting approved raising fund of Rs 90 crore on a preferential issue basis

The company will issue and allot up to 10,62,574 convertible warrants at an issue price of Rs 847 per warrant, with a right to the warrant holders to apply for and be allotted one equity share of the company for each warrant, within a period of eighteen months from the date of allotment of the warrants, aggregating up to Rs 90 crore.

The Board also approved convening of an Extra-ordinary General Meeting (EGM) of the company on Tuesday, 25 January 2022 for seeking approval of the members for issue of warrants on preferential basis and alteration of the articles of association of the company.

Inox Wind Energy engaged in the business of generation and sale of wind energy and providing related services and to make investment in the shares, debentures and other securities of Renewable Energy Business.

The company reported a consolidated net profit of Rs 64.31 crore in Q2 FY22 as compared to a net loss of Rs 39.41 crore posted in Q2 FY21. Net sales declined 21.4% to Rs 163.39 crore in Q2 FY22 over Q2 FY21.

Shares of Inox Wind Energy were trading 1.52% higher at Rs 799 on BSE.

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