Inox Wind's share price added 5 percent to hit Rs 154.15 intraday on December 6 as its subsidiary is looking to raise up to Rs 500 crore by way of an initial public offering.
"The board of directors of Inox Wind’s material subsidiary, Inox Green Energy Services (Earlier known as Inox Wind Infrastructure Services Limited) (IGESL) in their meeting held today i.e. 6 December, 2021, has approved fund raising, by way of an initial public offer of its Equity Shares comprising of fresh issue of equity shares aggregating upto Rs 500 crore (fresh issue) and/ or an offer of sale of equity shares by certain existing and eligible shareholders of the company," the company said in a stock exchange filing.
It is subject to receipt of requisite approvals including approval of the shareholders, market conditions and other considerations.
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At 12:11 hrs, Inox Wind was quoting at Rs 148.95, up Rs 2.65, or 1.81 percent on the BSE.
The share touched a 52-week high of Rs 160 and a 52-week low of Rs 49.80 on 30 July, 2021 and 10 December, 2020, respectively.
Currently, it is trading 6.91 percent below its 52-week high and 199.1 percent above its 52-week low.
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