Inox Green Energy Services Limited has completed the allotment of 1,98,90,000 equity shares upon conversion of convertible warrants, marking a significant capital structure development for the renewable energy company. The allotment was approved by the company's committee on 28th January, 2026.

Warrant Conversion Details

The equity shares were allotted at Rs. 145 per share, including a premium of Rs. 135 per share, with each share carrying a face value of Rs. 10. The conversion was executed upon receipt of a conversion request from warrant holders along with payment of the balance 75% consideration.

Original Warrant Framework

The convertible warrants were originally issued following comprehensive approvals obtained in 2024. The company had initially allotted 4,48,27,582 unlisted convertible warrants on a preferential basis at Rs. 145 per warrant. The warrant issuance received necessary approvals from multiple authorities:

• Board of Directors resolution: 26th June, 2024
• Shareholders approval: 18th July, 2024
• Stock exchange approvals from BSE and NSE: 24th July, 2024
• Committee resolution for allotment: 2nd August, 2024

Warrant Cancellation and Forfeiture

Out of the warrant holder's total holding of 2,75,86,206 warrants, 1,98,90,000 were converted into equity shares. The remaining 76,96,206 warrants have been cancelled, with the upfront 25% payment received earlier being forfeited in accordance with SEBI regulations and terms of issue.

Capital Structure Impact

The allotment has resulted in a substantial increase in the company's paid-up share capital. The newly allotted equity shares rank pari passu with existing shares, carrying equal rights including dividend entitlement and voting rights.

With this conversion completed, Inox Green Energy Services Limited now has no outstanding convertible warrants, providing clarity on its capital structure. The company has informed both BSE Limited and National Stock Exchange of India Limited about this development in compliance with SEBI listing regulations.

Inox Green Energy Services Limited has secured a major operations and maintenance contract from KEC International Limited for a 625 MWp solar project at Bhadla, Rajasthan. The announcement was made on January 20, 2026, marking another significant milestone in the company's expansion strategy.

Major Portfolio Expansion

The new contract represents a substantial addition to Inox Green's renewable energy portfolio. With this award, the company's solar operations and maintenance portfolio has crossed the 3 GW milestone, while its total renewable O&M portfolio now exceeds 13 GW.

Strategic Growth Initiative

Mr. SK Mathu Sudhana, CEO of Inox Green Energy Services, expressed satisfaction with the partnership, stating that the company is pleased to enter into an agreement with KEC International for one of its largest solar projects. He emphasized that Inox Green is actively expanding its solar O&M portfolio through both organic and inorganic growth strategies.

Expansion Strategy

The company's growth approach encompasses multiple avenues:

• Participation in large-scale opportunities across solar, wind, and renewable energy infrastructure O&M segments
• Organic expansion through direct contract acquisitions
• Inorganic growth through strategic partnerships and acquisitions
• Expected portfolio additions from the rapid scale-up of Inox Clean's capacities, a group company

Company Profile

Inox Green Energy Services Limited operates as one of India's major renewable power operations and maintenance service providers. The company manages over 13 GW of renewable assets, including investments, and specializes in providing long-term O&M services for renewable energy projects.

The company serves a diverse customer base that includes some of the largest Independent Power Producers (IPPs), Public Sector Undertakings (PSUs), and various retail customers. Its business model is supported by long-term O&M contracts that provide reliable cash flows and operational stability across its extensive portfolio spanning multiple Indian states.