IND Renewable Energy Ltd jumps 5% on board nod to fund-raising plan

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IND Renewable Energy Ltd jumped 5 percent in the morning trade on June 15, a day after the company’s board approved raising Rs 26 crore through a rights issue.

At 10:45 am the IND Renewable Energy stock was trading 4.79 percent higher at Rs 15.32 on NSE.

“We wish to inform you that the board of directors of the company at their meeting held today i.e., June 14, 2023, have, in principle, considered and approved the proposal to raise the fund up to Rs 26,00,00,000 by way of right issue. The terms of the issue will be decided by the board later,” the company told the exchanges on June 14.

The company had in March said that the board had approved a proposal to raise Rs 15 crore.

IND Renewable Energy Ltd has given a return of 25.06 percent over the last six months, outperforming the benchmark Nifty, which has gained 2.05 percent during the period.

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