Inox Wind falls 7% after board approves fund raise via preferential issue

The board approved fund raise of Rs 402 crore through preferential issue of equity shares and convertible warrants to promoter and non-promoters.

Shares of Inox Wind were down 7 per cent to Rs 111, after falling 11 per cent from its intra-day high of Rs 125.35 on the BSE in Wednesday’s intra-day trade. The fall comes after the board approved fund raise aggregating to Rs 402 crore through preferential issue of equity shares and convertible warrants to promoter and non-promoters.

The company plans to issue equity shares at Rs 126 per share and issue unlisted warrants at Rs 10 face value, a premium of Rs 122 per equity share, for each warrant will be converted as per their terms of cash