With a market capitalization of Rs 2,318 crores, Inox Wind Energy Ltd shares surged 18 percent on Tuesday, reaching a 52 weeks high price of Rs 2,148 and closed at the price of Rs 2,055 apiece from the previous close price of Rs 1,815.
Substantial movement in the stock price was noticed in response to the announcement of the company’s merger with the parent entity(Inox Wind Ltd).
Meanwhile, Inox wind limited shares closed at Rs 140.45, down 3.74 percent from the previous close price.
According to the BSE filing, the Company board of directors announced the merger of Inox Wind Energy Limited with its parent firm Inox Wind Limited via a share swap. For every ten shares of Inox Wind Energy, 158 equity shares of Inox Wind will be issued.
The company aims to simplify and streamline the group’s structure by reducing the number of listed entities. To increase the operational efficiency of the combined business, by reducing operational cost, administrative and compliance costs.
Inox Wind Energy Limited(IWEL) is engaged in the business of the generation and sale of wind energy, providing services for the Erection, Procurement, and Commissioning of wind farms.
In the past year, the company’s share price increased from Rs 536.45 to current levels, giving multibagger returns of 283%. Therefore, if an investor purchased 1 lakh company shares in the previous year, their holdings would now be worth 3.83 lakhs!
On a YoY comparison of the metrics, the revenues significantly improved from Rs 597 crores during FY 21-22 to Rs 733 crores in FY 22-23. In contrast, Net loss has increased from Rs 332 crores to Rs 664 crores.
As of March 2023, Inox Wind Energy Limited’s net worth stands at Rs 974.85 crores, Its annual turnover is Rs12.45 crore. Its paid-up share capital value stands at Rs 11.22 crore.
As per the shareholding pattern, promoters of the company hold a 67.28 percent stake, and foreign institutional investors hold a 5.27 percent stake in the company for FY 22-23.
Written by Omkar C
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