Shares of Inox Wind Energy rallied 19 per cent to hit a record high of Rs 2,150, while Inox Wind slipped 5 per cent to Rs 138.50 after the board approved merger with Inox Wind Energy.
Inox Wind, India’s leading wind energy solutions provider, on Monday, announced that as part of the strategic decision, the board of directors of the company approved the scheme of arrangement to amalgamate Inox Wind Energy into Inox Wind.
The merger is subject to various regulatory approvals and compliances. The appointed date for the amalgamation is set as July 1, 2023.
The board has approved swap ratio for the proposed merger with 158 equity shares of Inox Wind to be issued for every 10 equity shares of Inox Wind Energy, with an issue price of Rs 54 each, while 10 share warrants of Inox Wind Energy will be issued at a price of Rs 847 each.
Inox Wind said this consolidation aims to simplify and streamline the group’s structure by reducing the number of listed entities.
Inox Wind Energy is engaged in the business of generation and sale of wind energy, providing services for Erection, Procurement and Commissioning (EPC) of wind farms and holding a strategic business interest in renewable energy.
Inox Wind is engaged in the business of manufacture and sale of Wind Turbine Generators (WTGs). It also provides EPC, Operations & Maintenance (O&M) and Common Infrastructure Facilities services for WTGs and wind farm development services.
The management underline that the proposed arrangement would enable consolidation of same line of businesses, pooling of homogeneous assets and expertise across the group.
