Inox Wind Energy hits fresh 52-week high on announcement of merger with parent company, stock up 36% in a week
Over the last six sessions, Inox Wind stock has gained a significant 26 per cent. Consequently, the market cap of the firm rose to more than Rs 2,300 crore on BSE.
In a significant move in the renewable energy sector, shares of Inox Wind Energy surged 19 per cent on Tuesday, reaching a 52-week high of Rs 2,150 apiece on BSE after the announcement of the company's merger with its parent entity, Inox Wind.
As of 2:23 pm, Inox Wind Energy stocks were trading at Rs 2,105.25 apiece, up 16.15 per cent, on BSE. The stock has experienced a steady rise, soaring over 86 per cent in the past three months, and impressively, it is up nearly 290 per cent in a year.
The merger with Inox Wind will take place via a share swap. As per the exchange filing, for every 10 shares of Inox Wind Energy, 158 equity shares of Inox Wind will be issued. The strategic consolidation aims to streamline and simplify the group's structure by reducing the number of listed entities. In an equivalent exchange, for every 10 share warrants of Inox Wind Energy with an issue price of Rs 847 each, 158 share warrants of Inox Wind will be issued.
Incorporated on March 6, 2020, under the Companies Act, 2013, Inox Wind Energy is a key player in the renewable energy sector, offering wind energy solutions, Erection, Procurement, and Commissioning (EPC) services for wind farms, and is involved in the manufacturing of Wind Turbine Generators (WTGs).
Over the last six sessions, Inox Wind stock has gained a significant 26 per cent. Consequently, the market cap of the firm rose to more than Rs 2,300 crore on BSE.
Today, over 6,400 shares of the firm changed hands, amounting to a turnover of Rs 1.36 crore on BSE.
Despite reporting a loss of Rs 73.69 crore in Q4, Inox Wind Energy showed signs of recovery, with the loss narrowing from Rs 149.63 crore in the March quarter of the previous fiscal. Meanwhile, the firm's sales rose 35.65 per cent to Rs 188.21 crore in the March 2023 quarter against Rs 138.75 crore in Q4 of the previous fiscal.
Inox Wind is engaged in the business of manufacturing and selling wind turbine generators (WTGs). It also provides erection, procurement, and commissioning (EPC), operations and maintenance (O&M), and common infrastructure facilities services for WTGs and wind farm development services.
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