Inox Wind Ltd. approved the raising of Rs 500 crore through the issue of preference shares.
The board approved the raising of funds by way of the issuance of 0.01% non-convertible, non-cumulative, participating, redeemable preference shares of the face value of Rs 10 each, it said in its exchange filing on Tuesday.
The company will seek approval from the shareholders of the company for the same, which will include increasing the company's authorised share capital, the statement said.
The tenure of the issue is set for five years from the date of allotment. The allotment will be made within 12 months from the date of the passing of special resolutions, it said.
The dividend rate for preference shareholders is set at 0.01%.
Shares of Inox Wind closed 0.40% lower at Rs 237.55 apiece, as compared with a 0.03% decline in the benchmark Nifty 50 on Tuesday.
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