Inox Wind board clears Rs 1,249-cr rights issue, sets price at Rs 120/share

New Delhi, Jul 23 (PTI) Inox Wind Ltd on Wednesday said its board has approved the proposed rights issue to raise up to Rs 1,249.33 crore as the wind energy solutions provider looks to bolster its capital base and fund future growth.

The issue will offer 10.41 crore fully paid-up equity shares at Rs 120 per share, including a premium of Rs 110 on the face value of Rs 10 each, the company said in a regulatory filing.

The issue price is at a sharp discount of 27 per cent to Wednesday's closing price of Rs 165.60 apiece on the BSE.

The rights issue will open on August 6 and close on August 20, with the record date fixed as July 29 to determine shareholder eligibility.

"Post receipt of the in-principle approvals from the NSE and BSE vide their letters dated July 21 and July 22, 2025, respectively, the Board of Directors of the company in their meeting on July 23, has approved the rights issue," Inox Wind said.

The issue is being undertaken in compliance with the provisions of the Sebi's listing rules and the Companies Act, 2013.

After the rights issue, Inox Wind's outstanding equity shares will increase to 172.82 crore from 162.41 crore, assuming full subscription. The entitlement ratio has been set at five equity shares for every 78 shares held by eligible shareholders. The last date for on-market renunciation of rights entitlement is August 14, while off-market renunciation will be allowed until August 19.

Inox Wind also said its board has also approved the letter of offer, which will provide further details, including the treatment of fractional entitlements.

No withdrawal of applications will be permitted once the issue closes, though the board retains the flexibility to extend the issue period by up to 30 days from the opening date, if necessary, it added.

Inox Wind had earlier informed the exchanges on July 17 about the board's decision to raise capital through a rights issue to the tune of Rs 1,250 crore.

In a separate filing, Inox Wind said it proposes to utilise the net proceeds for the repayment/redemption of non-convertible, non-cumulative, participating, redeemable preference shares (NCPRPS) issued to the promoter, and repayment of debt.

Funds from the rights issue will be used by Inox Wind for investment in one of its material subsidiary Inox Renewable Solutions Ltd (IRSL) for payment of debt availed by IRSL, and general corporate purposes. PTI HG TRB