Inox Green Energy Services Secures Board Approval to Raise Rs 1,050 Crore

By siliconindia  |  Thursday, 27 June 2024, 09:20:50 AM IST

Inox Green Energy Services Secures Board Approval to Raise Rs 1,050 Crore
Inox Green Energy Services has received the green light from its board of directors to raise up to Rs 1,050 crore through the issuance of equities and convertible warrants. The decision was confirmed during a board meeting held, as disclosed in a regulatory filing.
The fundraising strategy comprises a preferential issue, including the issuance of over 2.89 crore equity shares at Rs 138 per share, incorporating a premium of Rs 128, amounting to a total of Rs 400 crore. These shares are to be allocated to non-promoter entities.
Additionally, the company plans to issue over 4.48 crore convertible warrants, each warrant granting the right to subscribe to one equity share with a face value of Rs 10 at a price of Rs145, inclusive of a premium of Rs 135. This component of the fundraising will generate up to Rs 650 crore and is open to both promoter/promoter groups and non-promoter entities. The warrants may be issued in one or more tranches.
Inox Green Energy Services, part of the INOX GFL Group, specializes in providing operation and maintenance (O&M) services and common infrastructure facilities for wind turbine generators. This capital infusion aims to support the company's expansion and operational enhancements.
Following the announcement, Inox Green Energy Services saw its share price surge by 5.09%, closing at Rs 180.50 per share on the BSE.
The company’s move to secure substantial funds through equity and warrant issuance reflects a strategic effort to bolster its financial foundation and expand its market presence in the renewable energy sector. The raised capital will likely be directed towards enhancing operational capabilities and infrastructure, contributing to the company’s growth trajectory.
This significant fundraising endeavor underscores Inox Green Energy Services' commitment to advancing its position within the renewable energy industry, aligning with broader efforts to support sustainable energy solutions.

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