Inox Green Energy Services gets Board approval to raise Rs 1,050 Cr

Inox Green Energy Services on Wednesday said its board of directors has approved a proposal to raise up to Rs 1,050 crore through the issuance of equities and convertible warrants.

The board of directors at its meeting held today approved the fund raise aggregating up to Rs 1,050 crore by way of a preferential issue, the company said in an exchange filing.

Under the fundraising plan, the company intends to issue over 2.89 crore equity shares at an issue price of Rs 138 inclusive of a premium of Rs 128 per share, aggregating up to Rs 400 crore, to non-promoter entities.

The company also plans to issue over 4.48 crore convertible warrants each carrying a right to subscribe to one equity share of the face value of Rs 10 each of the company at a price of Rs 145 per warrant inclusive of a premium of Rs 135 in one or more tranches aggregating up to Rs 650 crore to both promoter/promoter group and non-promoter entities.

Inox Green Energy Services, an INOX GFL Group company, is engaged in the business of providing operation & maintenance (O&M) services and common infrastructure facilities for wind turbine generators.

The company's share closed 5.09% higher at Rs 180.50 apiece on the BSE on Wednesday.