Green Energy stock which is one of the major wind power operation and maintenance service providers, is in focus after Ace Investor Ashish Kacholia invested Rs. 40 Crores into the company through a preferential issue
With a market capitalization of Rs. 5,328 Crores, the shares of Inox Green Energy Services Limited were trading at Rs. 181.50 per equity share, up 0.50 percent from its previous day’s close price of Rs. 180.60.
What Happened
The Board of Directors of Inox Green Energy Services Limited at its Meeting held on 26th June 2024, have approved raising funds aggregating to a consideration of Rs. 1,050 Crores through the preferential issue of equity shares and convertible warrants as follows
It is going to Raise Rs. 400 Crores by issuing up to 2.89 Crore Equity shares with a face value of Rs. 10 each at Rs. 138 to Non-Promoter entities and it is going to issue upto 4.48 Crore Convertible Warrants each carrying a right to subscribe to 1 Equity Share at a price of Rs. 145 for a consideration of Rs. 650 Crores to both promoter and non-promoter entities.
It is to be noted that for the issue of warrants, 25 percent of the subscription amount is payable now, while the remaining 75 percent is payable upon conversion of warrants into equity shares within 18 months from the allotment date.
Preferential issue Subscribers
Ace Investor Ashish Kacholia has subscribed to 14.49 Lakh equity shares at Rs. 138 and 13.79 Lakh convertible warrants of the company at Rs. 145 for Rs. 20 Crores each, aggregating to a total consideration of Rs. 40 Crores.
Among the investors, institutions, and other bodies who have subscribed to the equity shares and convertible warrants of the company, some well-known players include Bandhan Focused Mutual Fund, Universal Golden Fund, Forbes EMF, Capri Global Holding, and many others.
Bulk/Block Deal
In Addition as per the Bulk/Block deal data available on BSE, Dovetail India Fund has sold 31 Lakh equity shares of the company at 166.56 and Societe Generate has bought ~29.49 Lakh equity shares at Rs. 166.50.
About the company
Inox Green Energy Services Limited is one of the major wind power operation and maintenance service providers. Its services include long-term O&M services, WTG Operation Services, coordination with DISCOMs, Management Systems, Predictive Maintenance, and Reactive Maintenance, remote monitoring & control, and many more.
Financials & Ratios
Its Revenue from operations declined by 10.86 percent from Rs. 58.82 Crores in Q4FY23 to Rs. 52.43 Crores in Q4FY24, accompanied by a loss of Rs. 1.61 Crores to a profit of Rs. 20.6 Crores.
In terms of Return ratios, it has reported a return on equity(ROE) of 2.41 percent and a return on capital employed (ROCE) of 3.62 percent. It has reported a debt-to-equity ratio of 0.13.
Written by: Bharath K.S
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