On November 8, Inox Wind’s shares experienced a 2% surge after the company’s Board of Directors gave the green light to raise funds by issuing non-convertible, redeemable preference shares amounting to Rs 500 crore. The decision, as outlined in the regulatory filing, involved the issuance of 0.01% non-convertible non-cumulative participating redeemable preference shares with a face value of Rs 10 each. These shares will be fully paid up at par for cash consideration and on a private placement basis.
According to the company, the preference shareholders will receive a participatory dividend in financial years when dividends are paid to equity shareholders, and the rate will mirror that of the dividend paid on the equity shares.
In other developments, Inox Wind celebrated a significant milestone as its customer NTPC REL commissioned the first part of the 150 megawatts Dayapar wind energy project in Gujarat on November 6. Inox Wind supplied and installed 113/92 – 2.0 megawatt capacity wind turbine generators for the project. Additionally, its subsidiary, Inox Green Energy Services, will provide comprehensive operation and maintenance (O&M) services for the project’s entire lifespan.
Despite the positive news, Inox Wind’s shares experienced a minor dip, trading 0.60% lower at ₹238.45 on the National Stock Exchange (NSE) at 2:24 pm.