INOX Green Energy Services Plans Rs 1,050 Crore Fund Raise: Board Approves Equity and Warrant Issuance

Inox Green Energy Services announced on Wednesday that its board of directors has approved a plan to raise up to Rs 1,050 crore through the issuance of equities and convertible warrants. During today’s meeting, the board of directors approved the fund raise of up to Rs 1,050 crore through a preferential issue, as stated in an exchange filing by the company. As part of the fund-raising plan, the company aims to issue over 2.89 crore equity shares at an issue price of Rs 138, including a premium of Rs 128 per share, totaling up to Rs 400 crore, to non-promoter entities. Additionally, the company intends to issue over 4.48 crore convertible warrants, each with the right to subscribe to one equity share with a face value of Rs 10 each, at a price of Rs 145 per warrant, including a premium of Rs 135, in one or more tranches, totaling up to Rs 650 crore, to both promoter/promoter groups and non-promoter entities. Inox Green Energy Services, a company within the INOX GFL Group, focuses on providing operation & maintenance (O&M) services and common infrastructure facilities for wind turbine generators. On Wednesday, the company’s share closed 5.09 percent higher at Rs 180.50 apiece on the BSE.