The shares of India’s leading wind energy solutions provider gained 2.5 percent on Wednesday to hit a 52-week high price of Rs 246 apiece after the company board approved raising funds of up to Rs. 500 Crores.
At 12:17 p.m., hrs Inox Wind Ltd shares were quoting at Rs 243.50, up 1.46 percent, on the National Stock Exchange. The company has a market capitalization of Rs 7,953 crore.
According to Inox Wind exchange filing, the Company Board of Directors has approved the raising of funds by way of issuance of 0.01 percent Non-Convertible Non-Cumulative Participating Redeemable Preference Shares of the face value of Rs. 10 each of the Company for an aggregate amount up to Rs. 500 Crores.
Based on the fully paid up, at par, for cash consideration, on a private placement basis, by the applicable laws and subject to all requisite approvals
The company shares have delivered a return of 111 percent in six months and 68 percent in the year. A shareholder investment of Rs 1 lakh in the company would be worth Rs 2.11 lakh.
Inox Wind Ltd’s revenue has jumped by 245 percent yearly, rising from Rs 107 crore in Q2FY23 to Rs 370 crore in Q2FY24. Further, within the same period, Net losses were reduced from Rs 133 crore to Rs 26 crore.
According to the recent shareholding pattern, the company promoters hold a 64.64 percent stake in the company, while Domestic Institutional Investors hold a 6.56 percent stake. And retail investors have a 25.32 percent stake in the company.
Inox Wind Ltd is engaged in the business of manufacturing Wind Turbine Generators (WTGs) and is a wind energy solutions provider servicing IPPs.
Written by Omkar Chitnis
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
