Wind power service supplier Inox Wind on Monday knowledgeable that the corporate’s materials subsidiary Inox Inexperienced Power will elevate funds by the use of preliminary public providing (IPO) for as much as ₹500 crore.
“We hereby inform you that the Board of Administrators of the Firm’s materials subsidiary, Inox Inexperienced Power Companies Restricted (Earlier often called Inox Wind Infrastructure Companies Restricted) of their assembly held immediately i.e. 6 December, 2021 has permitted fund elevating, topic to receipt of requisite approvals together with approval of the shareholders, market situations and different concerns,” the corporate mentioned in an trade submitting immediately.
Inox Wind additional added that the fund elevating will probably be by the use of an preliminary public supply of its fairness shares comprising of contemporary challenge of fairness shares aggregating upto ₹500 crore and/or a suggestion of sale of fairness shares by sure current and eligible shareholders of the corporate.
Shares of Inox Wind have been buying and selling over 2.5% decrease in Monday’s offers at ₹142 per share on the BSE. The inventory has given multibagger return of over 122% this yr (year-to-date or YTD) to date, whereas, in a yr’s interval, the scrip has surged 179%. Inox Wind is a totally built-in participant within the wind power market with state-of-the-art manufacturing vegetation close to Ahmedabad (Gujarat) for blades & tubular towers and at Una (Himachal Pradesh) for hubs & nacelles.
Supply: Live Mint