Inox Wind , a prominent player in the wind energy sector, has opened its rights issue for subscription, aiming to raise ₹1,250 crore. The company is offering shares at a significant discount, presenting an opportunity for existing shareholders to increase their stake.

Rights Issue Details

Key Highlights

• The rights issue price of ₹120.00 per share represents a substantial discount to the current market price, potentially making it an attractive proposition for eligible shareholders.
• Existing shareholders have the opportunity to maintain or increase their proportionate ownership in the company at a lower cost.
• The rights issue allows for both on-market and off-market renunciation, providing flexibility to shareholders who may not wish to exercise their rights.

Renunciation Deadlines

Market Performance

Inox Wind's stock has shown some volatility in recent times:

• Closed 1.20% lower on Tuesday
• Declined 15.00% over the past month

This rights issue comes at a time when the company's stock has experienced a downturn, potentially offering a strategic entry point for investors bullish on the company's prospects.

The success of this rights issue could provide Inox Wind with additional capital to fund its operations, reduce debt, or invest in growth initiatives. Shareholders and potential investors should carefully consider the terms of the rights issue and their own investment objectives before making a decision.

Inox Wind Limited , a prominent player in India's wind energy sector, has announced a significant move to strengthen its financial position through a rights issue. The company's board has approved a capital raise of up to Rs 1,249.33 crore, marking a strategic step in its growth trajectory.

Rights Issue Details

The rights issue, approved by the Board of Directors, involves the issuance of 10,41,10,712 fully paid-up equity shares. These shares will be offered at a price of Rs 120 per share, which includes a premium of Rs 110 over the face value of Rs 10 per share.

Key aspects of the rights issue include:

• Entitlement Ratio: Eligible shareholders will be entitled to 5 new shares for every 78 shares held.
• Record Date: July 29
• Issue Period: August 6 to August 20
• Renunciation Dates:
  • On-market renunciation: Until August 14
  • Off-market renunciation: Until August 19

Impact on Share Structure

The rights issue is set to expand Inox Wind's equity base significantly:

Regulatory Approvals and Process

Inox Wind has secured in-principle approvals from both the National Stock Exchange of India (NSE) and BSE Limited for the rights issue. In line with SEBI regulations, the company has made arrangements with NSDL and CDSL to credit the Rights Entitlements in dematerialized form to eligible shareholders' demat accounts prior to the issue opening date.

Recent Business Development

In a separate announcement, Inox Wind revealed that it has secured a 51 MW order from First Energy Private Limited, a Thermax Group company. This marks their first collaboration and includes the supply of Inox Wind's 3 MW class turbines for a project in Tamil Nadu. The order also encompasses limited EPC services and multi-year operations & maintenance support post-commissioning.

Management Commentary

Sanjeev Agarwal, CEO of Inox Wind Ltd., expressed enthusiasm about the new order, stating, "We are thrilled to commence our relationship with First Energy through this 51 MW order, which we believe will be the first of many as we build on our relationship going ahead."

The rights issue and the new order underscore Inox Wind's commitment to growth and its position as a key player in India's renewable energy sector. As the company moves forward with these initiatives, it aims to contribute significantly to India's energy transition goals while creating value for its shareholders.

Investors and eligible shareholders are advised to refer to the detailed Letter of Offer for complete information on the rights issue terms and conditions.