Indowind Energy Limited, a leading renewable energy company, has approved a rights issue worth up to ₹50 crore to support its growth initiatives. This decision, made during a board meeting held on December 18, aims to fund the company’s ongoing and upcoming expansion projects. With a focus on expanding its footprint both domestically and internationally, the rights issue is seen as a vital move to strengthen Indowind Energy’s position in the market.
In addition to the rights issue, the company’s board has also approved the issuance of overseas securities worth up to $30 million. The funds raised from this issuance will primarily be used to restructure the company’s existing bonds. Any surplus funds will be allocated to support business expansion efforts, both within India and in international markets. Committees have been formed to oversee the terms of both the rights issue and the overseas securities issuance to ensure adherence to all necessary statutory and regulatory requirements.
As of December 19, 2024, 2:15 PM, the shares of Indowind Energy are trading at ₹24.66 per share with a decline of 2.95% from its previous day’s closing price. Over the last month, the stock has seen a surge of 19.72%. While over the year the stock has surged by 8.26% the stock has a 52-week high and 52-week low of ₹32.66 per share and ₹18.19 per share respectively.
Conclusion
Indowind Energy’s decision to raise capital through the rights issue and overseas securities reflects its commitment to strengthening its position in the renewable energy sector. The company aims to leverage these funds for its future growth and expansion strategies.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: Dec 19, 2024, 3:38 PM IST
We're Live on WhatsApp! Join our channel for market insights & updates