Inox Wind Announces Bonus Share Issuance at 3:1 Ratio (Image Source: iStockphoto)
Inox Wind Limited (IWL), the front-runner in India’s wind energy solutions domain, has announced a remarkable proposal. During its recent Board of Directors meeting on April 25th, 2024, IWL proposed the issuance of bonus shares at an enticing ratio of 3:1. This translates to three bonus equity shares for every existing equity share, sourced from the company’s accumulated reserves.
As per the company’s filing on the exchange, “Issue of Bonus Equity Shares in ratio of 3:1 i.e. 3 (Three) new fully paid-up bonus equity shares of Rs. 1o/- each for every 1 (One) existing equity share of Rs. lo/- each held by the shareholders of the Company as on Record Date, subject to the approval of shareholders and other statutory/ regulatory approvals, consents, permissions, conditions and sanctions, as may be necessary.”
The issuance of these bonus shares comes as a strategic move to fortify the company’s capital base without incurring any cash outflow. Additionally, it aims to amplify the liquidity of Inox Wind’s shares, inviting a broader spectrum of investors to partake in its success story.
Inox Wind recently attained a significant milestone by turning profitable in the SepDec’23 quarter, showcasing the efficacy of its operational strategies.
Commenting on this develoment, Mr. Devansh Jain, Executive Director of INOXGFL Group, said “Over the course of 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.”
At the time of filing, the shares of Inox Wind were trading at Rs 635, 5.32 per cent up from the previous day’s closing. The 52 week high and low of the share is Rs 658.40 and Rs 103 respectively.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. TT Research DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
