Inox Wind to raise Rs 1,000 crore Via NCPRPS

Inox Wind announced that its board has approved to raise funds upto Rs 1,000 crore via non-convertible, non-cumulative participating redeemable preference shares (NCPRPS).

The companys board in its meeting held on 31 May 2024 has approved the raising of funds through the issuance of 0.01% non-convertible non-cumulative participating redeemable preference shares (NCPRPS). The shares will issue a face value of Rs 10 each and will be fully paid up at par for cash consideration. The issuance will be done through a private placement basis, and the total amount for which the securities will be issued is approximately Rs 1,000 crore in one or more tranches.

The tenure of the instrument will be five years from the date of allotment. Allotment will be made from time to time, in one or more tranches, within a maximum period of 12 months from the date of passing of special resolution by the shareholders of the company.

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.

The wind energy service provider reported a consolidated net profit (from continuing operations) of Rs 37.67 crore in Q4 FY24 as against a net loss of Rs 115.51 crore posted in Q4 FY23. Revenue from operations stood at Rs 527.73 crore in Q4 FY24, steeply higher than Rs 190.75 crore recorded in the corresponding quarter previous year.

The scrip advanced 2.34% to end at Rs 148.85 on Friday, 31 May 2024.

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