Inox Green Energy Services board nods for raising ₹1,050 crore via preferential issue

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The board of Inox Green Energy Services has approved raising of funds aggregating to ₹1,050 crore through preferential issue.

According to the stock exchange filing, the preferential issue pertains to 2,89,85,503 equity shares of face value ₹10 each at an issue price of ₹138 per share inclusive of a premium of ₹128 per share, aggregating upto ₹400 crore to non promoter entities; and upto 4,48,27,582 convertible warrants, each carrying a right to subscribe to one share of face value ₹10 each at a price of ₹145 per warrant inclusive of premium of ₹135 per equity share for each convertible warrant, from time to time, in one or more tranches, within a period of 18 months commencing from the date of allotment, aggregating upto ₹650 Crore to both promoter/ promoter group and non-promoter entities. 

Shares declined by 1.36 per cent on the NSE to trade at ₹169.54 as of 2.29 pm.