Inox Wind completes allotment of preference issue worth Rs 402.50 cr

The company's promoters infused Rs 150 crore through preferential issue of equity shares.

Inox Wind on 2 June 2022 completed the allotment of equity shares at Rs 126 each and convertible warrants for Rs 132 each to promoters and other investors, aggregating upto Rs 402.50 crore.

Inox Leasing and Finance, an entity forming part of the promoter group infused Rs 150 crore through preferential issue of equity shares.

Samena Green, non promoter- foreign company, subscribed to equity shares and convertible warrants worth Rs 152.50 crore. Lend Lease Company (India), non promoter, has subscribed to equity shares and convertible warrants aggregating Rs 100 crore.

Further, the company had allotted 0.01%, 91,83,51,137 compulsory convertible preference shares of Rs 10 each (CCPS) to the promoter/ promoter group of the company viz. Inox Wind Energy and Devansh Trademart upon variation of the terms of non convertible participating redeemable preference shares of face value of Rs 10 each.

The conversion of CCPS into equity shares shall be at a price of Rs 126 per equity share from time to time, in one or more tranches, within a maximum period of 18 months from the date of allotment of CCPS.

Inox Wind is engaged in the business of manufacture and sale of wind turbine generators (WTG). It also provides erection, procurement & commissioning (EPC), operations & maintenance (O&M) and common infrastructure facilities services for WTGs and wind farm development services.

On consolidated basis, the company reported a net loss of Rs 255.64 crore as against a net loss of Rs 104.31 crore in Q4 FY22 over Q4 FY21. Net Sales fell 42.6% year on year to Rs 137.40 crore in the quarter ended 31 March 2022.

Shares of Inox Wind were down 1.90% at Rs 92.70 on the BSE.

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