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Inox Wind's board okays raising up to Rs 90 crore via convertible warrants

According to the filing, it is proposed to issue warrants worth up to Rs 70 crore to Devansh Trademart LLP, an entity forming part of the company’s promoter group.

December 27, 2021 / 08:56 PM IST
Representative image

Representative image

Inox Wind’s board has decided to issue 10.62 lakh convertible warrants at an issue price of Rs 847 per unit to raise up to Rs 90 crore in its meeting held on Monday.

"The board of directors of Inox Wind Energy Ltd at its meeting held today i.e. December 27, 2021, has approved…subject to the approval of the shareholders of the company, to create, offer, issue and allot on a preferential issue basis up to 10,62,574 convertible warrants at an issue price of Rs 847 per warrant,” according to a BSE filing.

It added that it is with a right to the warrant holders to apply for and be allotted one equity share of a face value of Rs 10 each of the company for each warrant, within a period of 18 months from the date of allotment of the warrants.

The issue aggregates up to Rs 90 crore, the filing said.

According to the filing, it is proposed to issue warrants worth up to Rs 70 crore to Devansh Trademart LLP, an entity forming part of the company’s promoter group.

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Secondly, the company will issue warrants worth up to Rs 20 crore to a non-promoter (unrelated investor).

An amount equivalent to at least 25 per cent of the warrant issue price will be payable at the time of subscription and allotment of each warrant and the balance 75 per cent shall be payable within 18 months from the date of allotment of the warrants, it stated.

The board has also approved convening of an extraordinary general meeting (EGM) of the company on January 25, 2022.

It is for seeking approval of the members for issue of the warrants on a preferential basis and alteration of the company’s Articles of Association to enable issuance of the warrants and has approved the draft of the notice for same, it stated.

The notice of the said EGM shall be submitted to the stock exchanges in due course in compliance with the provisions of the SEBI Listing Regulations.

Accordingly, the relevant date for the determination of the floor price for the proposed preferential issue of warrants convertible into equity shares is December 24, 2021.
PTI
first published: Dec 27, 2021 08:56 pm
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