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Inox Green Energy Services Has Signed A Share Purchase Agreement To Sell Its Entire Stake In Subsidiaries

Updated on: Dec 9, 2024, 2:05 PM IST
Inox Green Energy Services has signed a Share Purchase Agreement to sell its entire stake in subsidiaries as a result share is trading more than 2% up.
Inox Green Energy Services Has Signed A Share Purchase Agreement To Sell Its Entire Stake In Subsidiaries
ShareShare on 1Share on 2Share on 3Share on 4Share on 5

Inox Green Energy Services Limited is a publicly listed company that was founded on 11th May 2012 and is situated in Vadodara, Gujarat. It operates as an unlisted public limited entity, boasting an authorised share capital of ₹700 crore and a paid-up capital of ₹367.02 crore.

Restructuring of Inox Green Energy Services Ltd

As part of its restructuring efforts, Inox Green Energy Services Ltd has sold its entire holding in two wholly-owned subsidiaries to Aliento Wind Energy Pvt. The company has executed share purchase agreements to transfer its stakes in Flurry Wind Energy Pvt. and Flutter Wind Energy Pvt., as reported in an exchange filing.

Sale of Equity Shares

This agreement involves Inox Green selling the fully issued and paid-up equity share capital of 10,000 equity shares, each valued at ₹10, in both subsidiaries “for cash consideration at par” to Aliento Wind, as stated in the filing. Aliento Wind is regarded as a related party, owned and controlled by significant beneficial owners of Inox Green, which affirmed that the transaction was conducted at arm’s length.

Equity Share with Face Value ₹1

The deal involved the sale of the entire issued and paid-up equity share capital of ₹1,00,000, consisting of 1,00,000 equity shares with a face value of ₹1 each, of Aliento Wind.

Inox Green Energy Services Ltd. Q2 FY25 Results

In the second quarter of the current financial year, Inox Green reported a 10% growth in revenue, reaching ₹64 crore, compared to ₹58 crore during the same period of the previous fiscal year. The company’s net profit remained unchanged at ₹6 crore. 

Additionally, its earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the September quarter increased to ₹34 crore, up from ₹31 crore in the equivalent quarter of the last year.

Inox Green Energy Services Ltd. Share Price Update

As of 10:58 am, the share price of Inox Green Energy Services Ltd. stood at ₹178.15 on the NSE. The shares are currently trading at ₹184.80, nearing their 52-week high.

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 9, 2024, 2:05 PM IST

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