The merger is subject to various regulatory approvals and compliances. The appointed date for the amalgamation is set as 1 July 2023.

Under the proposed merger plan, Inox Wind will issue 158 equity shares for every 10 equity shares to shareholders of Inox Wind Energy. Additionally, Inox Wind will also issue 158 share warrants with an issue price of Rs 54 each, to shareholders of Inox Wind Energy, for every 10 share warrants with an issue price of Rs 847 each held by them.

Inox Wind said that this consolidation aims to simplify and streamline the group's structure by reducing the number of listed entities. This move would result in the larger stronger entity having a stronger shareholder base.

This merger is in interest of the shareholders of both the listed companies as it simplifies the structure, leading to simpler and efficient operations through one listed company and results in a much stronger shareholder base.

By doing so, the scheme also aims to foster improved operational synergy, focused operational efforts, standardized and simplified processes, and productivity enhancements. These measures are expected to enhance overall operational efficiency and effectiveness across the combined operations while reducing operational, administrative, and compliance costs, it added.

Inox Wind is India's leading wind energy solutions provider. It is a fully integrated player in the wind energy market with three manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh. The plant near Ahmedabad (Gujarat) and Barwani (Madhya Pradesh) manufactures blades and tubular towers, while hubs and nacelles are manufactured at the company's facility at Una (Himachal Pradesh). It also has a facility for manufacturing hubs and nacelles at Bhuj, Gujarat. Inox Wind's manufacturing capacity stands at 1,600 MW per annum.

Inox Wind Energy is engaged in the business of generation and sale of wind energy, providing services for erection, procurement and commissioning (EPC) of wind farms and holding a strategic business interest in renewable energy.

Shares of Inox Wind slipped 4.25% to Rs 139.55 while Inox Wind Energy surged 14.27% to Rs 2,071 on the BSE.

Shares of Inox Wind Energy hit an all-time high of Rs 2,150 in intraday today.