Famed investor Ashish Kacholia has invested as much as Rs 40 crore in Inox Green Energy Services by subscribing to equity shares and convertible warrants in a preferential issue, showed a stock exchange filing.
Kacholia bought 14.49 lakh equity shares in Inox Green, allotted at Rs 138 per share for a total of Rs 20 crore. He also subscribed to 13.79 lakh convertible warrants, allotted to investors for Rs 145 per unit, adding up to another Rs 20 crore.
It is to be noted that for the issue of warrants, 25 percent of the subscription amount is payable now, while the remaining 75 percent is payable upon conversion of warrants into equity shares within 18 months from the allotment date.
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Inox Green said in the exchange filing that its board has approved a Rs 1,050-crore fundraise via a preferential issue, comprising of Rs 400-crore equity shares, and Rs 650-crore convertible warrants.
The face value of both shares and warrants is Rs 10 each. Each convertible warrant carries a right to subscribe to one equity share at Rs 145 per unit, within 18 months.
The company was looking to raise money to fund future acquisitions.
Inox Green stock jumped nearly 7 percent on June 26 to Rs 183.7 at the day's high, and was trading up 4 percent at Rs 179 in the late afternoon trade.
The stock has more than tripled in the last one year; it has jumped nearly 30 percent in the last one month alone.
The company's revenue for the fiscal fourth quarter fell by 7.8 percent compared to the same period last year. Inox Green recorded a net profit of Rs 20.3 crore, turning around from a net loss of Rs 1.8 crore in the previous year.
EBITDA fell by 20.7 percent year-on-year to Rs 11.5 crore, with the margin dropping over 350 basis points to 21.9 percent from last year's 25.5 percent.
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