Indowind Energy board proposes to issue 2.25 crore convertible warrants

The management has proposed to initiate the process with a rights issue amounting up to Rs 50 crore, it said.

Indowind Energy on Monday said its board has approved issuing of 2.25 crore convertible warrants through preferential allotment to raise nearly Rs 40 crore. The board of directors, in its meeting on Monday, proposed to issue and allot 2,25,00,000 convertible warrants at a price of Rs 17.50 apiece being the minimum price calculated subject to the approval of regulatory/ statutory authorities and the shareholders of the company, Indowind Energy said in a regulatory filing.

The management is contemplating setting up wind and solar farms at a capital outlay of up to Rs 400 crore to be executed over the next four years, as per the filing. The proposed strategy entails the utilisation of both debt and equity capital, for implementing the project in stages by raising necessary capital in multiple tranches, it said. The management has proposed to initiate the process with a rights issue amounting up to Rs 50 crore, it said.