Inox Wind hits record high as board OKs 3:1 bonus issue

Inox Wind surged 7.51% to Rs 648 after the company's board approved issuance of 3 fully paid-up bonus equity shares for every 1 existing equity share held by the shareholders on record date.

The bonus issue is subject to the approval of shareholders and other statutory/ regulatory approvals, consents, permissions, conditions and sanctions, as may be necessary.

The bonus shares will be issued out of securities premium account of the company. As on 31 March 2023, aggregate amount of free reserves and securities premium account available for capitalization is Rs 1995.18 crore.

Inox Wind is a wind energy solutions provider in India, catering to IPPs, Utilities, PSUs, and Corporate investors. It is part of the INOXGFL Group, with a focus on chemicals and renewable energy. IWL is fully integrated in the wind energy market, with four manufacturing plants and a capacity of over 2 GW per annum.

On a consolidated basis, Inox Wind reported consolidated net profit to Rs 1.07 crore in Q3 FY24 as against net loss of Rs 287.22 crore in Q3 FY23. Net sales jumped 122.6% YoY to Rs 503.45 crore in Q4 FY24.

The scrip hit all time high of Rs 658.50 in todays intraday session.

Powered by Capital Market - Live News