FCC

Inox Green Energy Services approved for Rs 10.50 billion fundraise

2024-06-27

In a statement released, Inox Green Energy Services announced that its board of directors had sanctioned a proposal to raise funds amounting to Rs 10.50 billion through the issuance of equities and convertible warrants. The decision was made during a board meeting held earlier that day.

According to the approved plan, the company intends to issue more than 20.89 million equity shares at an issue price of Rs 138 per share, inclusive of a premium of Rs 128 per share, totalling up to Rs 4 billion, to non-promoter entities.

Additionally, Inox Green Energy Services plans to issue over 40.48 million convertible warrants, each entitling the holder to subscribe to one equity share with a face value of Rs 10 each, at a price of Rs 145 per warrant, inclusive of a premium of Rs 135 per warrant. This issuance will occur in one or more tranches, aggregating up to Rs 6.50 billion, and will be available to both promoter and non-promoter entities.

Inox Green Energy Services, a subsidiary of the INOX GFL Group, operates within the sector of providing operation and maintenance (O&M) services, as well as common infrastructure facilities for wind turbine generators.