Inox Wind Limited completes allotment of Equity Shares and Convertible Warrants worth Rs 402.50 Crore
Jun 03, 2022
New Delhi [India], June 3 (ANI/GPRC): Inox Wind Limited, India's leading wind energy solutions provider, has on 2nd June, 2022 completed the allotment of equity shares at an issue price of Rs. 126/- (Rupees One Hundred and Twenty Six only) per equity share inclusive of a premium of Rs 116/- per equity share and convertible warrants for an issue price of Rs 132/- (Rupees One Hundred and Thirty Two only) per convertible warrant, inclusive of a premium of Rs. 122/-, to Promoters and other investors, pursuant to the preferential issue for cash aggregating upto Rs. 402,50,00,000 (Rupees Four Hundred and Two Crore Fifty Lakh only) as per the resolutions passed by the Board of Directors on 20th April, 2022 and the Shareholders of the Company on 13th May, 2022 and upon receipt of all requisite approvals:
* upon upfront receipt of 25 per cent of the warrant subscription amount and the balance 75 per cent shall be payable at the time of exercise of such convertible warrant.
Further, the Company had allotted 0.01 per cent 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 Limited and Devansh Trademart LLP 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/- (Rupees One Hundred and Twenty Six only) per Equity Share (inclusive of premium of Rs 116/- for each CCPS) from time to time, in one or more tranches, within a maximum period of 18 (Eighteen) months from the date of allotment of CCPS.
Further, out of the 91,83,51,137 CCPS, the Company has converted 48,50,00,000 CCPS into 3,84,92,062 equity shares of the Company at an issue price of Rs 126/- (Rupees One Hundred and Twenty Six only) per equity share aggregating to Rs 485 Crore upon receipt of request from the Promoters.
INOX WIND:
Inox Wind is India's leading wind energy solutions provider servicing IPPs, Utilities, PSUs & Corporate investors. Inox Wind is a fully integrated player in the wind energy market with three state-of-the-art manufacturing Plants in Gujarat, Himachal Pradesh and Madhya Pradesh.
The plants near Ahmedabad (Gujarat) and Barwani (Madhya Pradesh) manufacture Blades & Tubular Towers while Hubs & Nacelles are manufactured at the Company's facility at Una (Himachal Pradesh). It also has a facility for manufacturing Hubs & Nacelles at Bhuj, Gujarat. Inox Wind's manufacturing capacity stands at 1,600 MW per annum.
IWL manufactures key components of WTGs in-house to maintain high quality, most advanced technology, reliability and cost competitiveness. IWL has obtained ISO 9001:2008, ISO 14001:2004, OHSAS 18001 and ISO 3834 certifications for its management systems pertaining to manufacturing, installation, commissioning and O&M of wind turbines.
Inox Wind offers complete end to end solutions from concept to commissioning. Besides manufacturing and supply of WTGs, Inox Wind offers services including wind resource assessment, site acquisition, infrastructure development, erection and commissioning, and long term O&M of wind power projects.
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