Inox Wind shares zoom 9% after board approves 3:1 bonus issue

“The issuance of bonus shares will not only bolster the capital base of the company without any cash outflow but will also enhance the liquidity of Inox Wind’s shares, broadening participation of a wider set of investors,” read the press release.

Besides issuing bonus shares, Inox also intends to make alterations to the share capital clause of the Memorandum of Association of the company, according to the filing submitted to the exchanges.

“Over the course of the past two years, Inox Wind has taken multiple actions which have contributed to its strong position today. The management appreciates the support of all our shareholders and this bonus is a befitting reward for their confidence and faith in the company, and we would want them to continue on the exciting growth journey ahead,” commented Devansh Jain, Executive Director of INOXGFL Group.

Inox Wind Limited (IWL) is India’s leading wind energy solutions provider servicing IPPs, Utilities, PSUs & Corporate investors. IWL is a part of the INOXGFL Group which 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.

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