Check Share Price: Inox Wind Plans Fundraising via Preference Shares; NTPC REL Commissions Gujarat Wind Project

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.

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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.