Inox Wind Energy board approves Rs 90 crore fundraising

Inox Wind Energy announced on Monday that the company’s board of directors at its meeting had approved raising Rs 90 crore on a preferential issue basis.

The company will issue and allot up to 10,62,574 convertible warrants at an issue price of Rs 847 per warrant, with a right for warrant holders to apply for and be allotted one share of the company for each warrant, within eighteen months from the date of allotment of the warrants, totaling up to Rs 90 crore.

The Board also approved the convening of an Extraordinary General Meeting (EGM) of the company on Tuesday, January 25, 2022 to obtain member approval for the issuance of preferential subscription warrants and the amendment of the company’s articles of association. .

Inox Wind Energy is engaged in the production and sale of wind energy and provides related services and invests in the shares, debentures and other securities of Renewable Energy Business.

The company reported a consolidated net profit of Rs 64.31 crore in the second quarter of FY22 compared to a net loss of Rs 39.41 crore in the second quarter of FY21. 21.4% to Rs 163.39 crore in Q2 FY22 from Q2 FY21.

Shares of Inox Wind Energy were trading up 1.52% at Rs 799 on BSE.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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