Inox Wind Energy to raise up to USD 12m in warrants issuance

The board of directors of Indian wind power producer Inox Wind Energy Ltd (BOM:543297) has approved a proposed issuance of warrants to raise about INR 900 million (USD 12m/EUR 10.6m).

As a result, the company will issue up to 1,062,574 convertible warrants at an issue price of INR 847 apiece. Holders of the warrants will be able to apply for and be allotted one equity share of the firm with a face value of INR 10 each for every warrant they have within a period of 18 months.

According to the bourse filing, Devansh Trademart LLP, an entity forming part of the promoter group of the company, will be allotted up to INR 700 million worth of warrants, while the rest will go to an unrelated investor called Anjana Projects Pvt Ltd.

(INR 10 = USD 0.134/EUR 0.118)

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