The shares of Indowind Energy Limited were locked in an upper circuit of 5 percent at Rs 15.25 on Wednesday’s trading session. The stock gained after the board of the company approved the right issue of shares.
As per the meeting held on December 27th, 2022, the board of the company has approved the Rights issue of shares. The ratio decided for the issue is 2:5. This means that Two Equity Shares will be issued for every Five Equity shares fully paid-up Equity Share held by the Eligible Equity Shareholders of the Company, as of the record date.
The company has decided to issue 3,58,96,594 fully paid-up Equity Shares having a face value of Rs 10 each, at a price of Rs 12 per share representing a premium of Rs 2 per share. The total value of the issue will not be more than Rs 43.07 Crores. The record date for the purpose has been set as January 13th, 2023. The Rights issue will open on January 27th, 2023, and close on February 10th, 2023.
Indowind Energy Ltd is engaged in the business of generation and distribution of power through windmills. The company has strong capabilities and expertise in areas like project management, robust managerial & financial resources, and experience in the operations of wind farms.
The shares of the company have gained approximately 7 percent in the last five days. In a longer time frame, the stock has zoomed approximately 16 percent in six months. The stock reached its 52-week high of Rs 44.25 in January this year. Currently, it is trading at a discount of 64 percent.
The small-cap stock has a market capitalization of Rs 136 Crore. The promoters of the company hold a 44.76 percent stake with zero shares pledged. In addition to that, the Export-Import Bank Of India holds a 4.46 percent stake in the company.
Written by Anoushka Roy
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