3:1 Bonus Shares: Wind Energy Stock FALLS 9.35% Post Allotment, Buy For TP Rs 193: Nuvama

Inox Wind Ltd shares witnessed decline of 9.35% in last 1-week span. Last trading price of Inox Wind share on BSE is Rs 148.85 per share. In last 1-year, Inox Wind shares zoomed 324%. Leading brokerage firm Nuvama has recommended buy call to Inox Wind Ltd share with target price of Rs 193 per share. The company recommended 3:1 bonus share on April 25, 2024 and Board of Directors for Operations on May 27, 2024, allotted an aggregate of 97,78,45,488 fully paid-up Bonus Equity Shares of Rs. lo/- (Rupees Ten) each by way of allotment of Bonus Equity Shares in the proportion of 3:1. Inox Wind shares traded ex-bonus on May 25, 2024. The company on May 31 issued a press release wherein Board of Directors approved infusion of capital into Inox Wind Limited.

Board Approved Infusion Of Capital Into Inox Wind Limited: As per the regulatory filing of Inox Wind dated May 31, "Inox Wind Limited (IWL) declared that its Board of Directors, in its meeting held on 31st May, 2024, has approved the raising of funds in the company. With the board's approval in place and further subject to shareholder and other regulatory approvals, the proceeds from the sale of IWL shares by IWL's promoter Inox Wind Energy Limited (IWEL) via block deals on the stock exchanges on 28th May, 2024, will be infused in IWL by way of issuance of 0.01% Non-Convertible Non-Cumulative Participating Redeemable Preference Shares ('NCPRPS') to IWEL. The funds will be utilised by IWL to completely pare down its external debt and augment the working capital needs, strengthening its balance sheet further."

Speaking on the occasion, Mr. Devansh Jain, Executive Director of INOXGFL Group, said "We are pleased to announce that post the completion of our fund-raising exercise at IWEL earlier this week, where we successfully raised ~ Rs 900 crores from marquee investors, IWL has received the board approval for the infusion of the said funds into IWL. This is another milestone event for the INOXGFL Group in its remarkable journey over the last few years."

Inox Wind Share Performance: The 52-week high price of Inox Wind Ltd shares on BSE is Rs 177.00 per share (as on 27/05/2024) and 52-week low price is Rs 33.35 per share (as on 07/06/2023), respectively. Inox Wind has a market capitalisation of Rs 19,406.97 crore. Inox Wind share slipped over 5% in last 1-month, surged 112% in last 6-months, rallied 569% in last 2-years, and gave return of 710% in last 3-years.

Inox Wind Ltd Q4: Inox for the March 2024 quarter declared a robust rally in total income to Rs 563.07 crore as against Rs 193.83 crore announced in the corresponding quarter of last year. Its expense declared at Rs 512.50 crore for the March 2024 quarter as against Rs 312.43 crore in the corresponding quarter of last year. Inox Wind bagged single largest wind project order of 1,500 MW from a renowned power utility for the quarter under review, leading to a robust order book of 2.7 GW (excluding letter of intent) having a revenue potential of Rs 18,000 crore.

About: Inox Wind Limited (IWL) is India's leading wind energy solutions provider servicing IPPs, Utilities, PSUs & Corporate investors. IWL is a part of the US$ ~ 8 BN INOXGFL Group which has a legacy of over nine decades and is primarily focused on two business verticals - chemicals and renewable energy. IWL is a fully integrated player in the wind energy market with four state-of-the-art manufacturing Plants in Gujarat, Himachal Pradesh and Madhya Pradesh, where Blades, Tubular Towers, as well as Hubs & Nacelles are manufactured, according to BSE filing of the company.

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