Indowind Energy rights issue to close on Feb 10; proceeds to be utilised for debt obligations

Indowind Energy Ltd. has announced rights issue of 3,58,96,594 equity shares for cash at a price of Rs 12 per share aggregating to Rs 43,07,59,128 on rights basis in the ratio of 2 shares for every 5 shares held as on record date 13th January 2023.

The right issue opened on January 27 and will close on February 10, 2023. The proceeds of rights issue are being utilised to reduce debt obligations, which will help to leverage for expansion in capacities in future. 

The company expects to achieve a growth rate of at least 25 per cent every year as it is planning for expansion in capacity and other emerging opportunities in renewable space.

Company has built expertise to build Wind Power Projects - from concept to commissioning. Wind Asset Management Solution for installed assets, including operations, billing, and collection of revenue to project customers.

Meanwhile the company announced excellent results with revenue from operations of Rs 7.10 crore during the quarter ended December 31, 2022 from Rs 4.21 crore for the corresponding previous quarter ended December 31, 2021 on consolidated basis up by 68.65 per cent and quarterly EBITDA increased by 303 per cent up by Rs 1.02 crore, from Rs 0.33 crore to Rs 1.35 crore during the above quarters.

Total revenue during 9 months of current financial year Rs 30.10 crore as against Rs 19.40 crore during corresponding 9 months ended 30th December 2021 and for the whole previous ended 31 March 2022 it was Rs 26.99 crore on consolidated basis.

Indowind ,an IPP in the renewable energy field generating Green Power through dedicated Wind farms & also offers allied services in the Wind Energy sector with a mission to be a sustainable & profitable player in wind energy sector. Indowind has proven capabilities & experience in setting up wind farms, operating & and maintaining them with optimum machine availability, Green Power sale to Corporates & electricity utilities over the last 25 years.