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Inox Wind's board, in a meeting held on 7 November 2023, approved raising funds through the issuance of 0.01% non-convertible non-cumulative participating redeemable preference shares (NCPRPS). The shares will have 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 500 crore.
The tenure of the instrument will be five years from the date of allotment, and the dividend rate offered is 0.01%. Preference shareholders will receive a participatory dividend in line with the dividend paid to equity shareholders.
The board has also decided to seek approval from the shareholders for this fundraising initiative, along with other related matters, including increasing the Authorised Share Capital and making amendments to Clause V of the Memorandum of Association.
Inox Wind is a wind energy solutions provider servicing IPPs, Utilities, PSUs, Corporates and Retail Investors. It is a fully integrated player in the wind energy market with three manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh with a cumulative manufacturing capacity of 1,600 MW.
On a consolidated basis, Inox Wind reported net loss of Rs 24.12 crore in Q2 September 2023 as against net loss of Rs 132.87 crore in Q2 September 2022. Net sales rose 246.04% YoY to Rs 370.64 crore in Q2 September 2023.
Shares of Inox Wind rose 0.76% to Rs 240.10 on 7 November 2023.
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