Inox Green Energy Services Ltd. will raise up to Rs 1,050 crore via preferential issue of shares. Of this, Rs 400 crore will be raised via issuance of shares at Rs 138 per share to non-promoter entities and the remaining Rs 650 crore via convertible warrants of Rs 145 apiece to both promoter and public entities, according to an exchange filing on Wednesday.
The promoter group Inox Leasing and Finance Ltd. will deploy Rs 400 crore via convertible warrants. The rest of the capital will be raised from sources like Bandhan Mutual Fund, ace investor Ashish Kacholia, Mauritius-based Universal Golden Fund, Capri Global Holdings Pvt. and Samena Green Ltd., a green fund of investment group Samena Capital.
An amount equivalent to at least 25% of the convertible warrant issue price shall be payable at the time of subscription and allotment of each warrant. The balance 75% shall be payable from time to time on the exercise of warrants within a period not exceeding 18 months from the date of allotment.
Inox Green will convene an extraordinary general meeting on July 18 to seek shareholders' approval for the fundraising plans.
Shares of Inox Green Energy Services closed 5.5% higher at Rs 181.2 apiece after the announcement, as compared to a 0.8% advance in the benchmark BSE Sensex.
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