The board of Inox Wind Ltd. has approved raising Rs 1,000 crore in one or more tranches through preference shares. The fundraise is subject to all requisite approvals, including that of the shareholders.
The company will raise the funds through non-convertible, non-cumulative participating, redeemable preference shares on a private placement basis, an exchange filing said on Friday. The company will allot the securities in one or more tranches, within a maximum period of one year from the date of approval from shareholders.
The tenure for the shares will be five years from the date of allotment. The rate of dividend has been set at 0.01%. Preference shareholders will be entitled to a participatory dividend in a financial year in which the company pays dividend to its shareholders, the company said.
Shares of the company rose as much as 1.10% to Rs 147 apiece, as compared with a 0.19% advance in the NSE Nifty 50.
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