Inox Wind board approves over Rs 402-cr fundraising plan

Wind energy firm Inox Wind on Wednesday said its board has approved a proposal to raise Rs 402.5 crore through preferential issue of equity shares and convertible warrants.

In a regulatory filing, Inox Wind said its promoters will infuse Rs 150 crore through preferential issue of equity shares.

Samena Green Limited, a non-promoter foreign company, will infuse Rs 152.5 crore through preferential issue of equity shares and convertible warrants.

Another non-promoter entity Lend Lease Company (India) Limited will put in Rs 100 crore through the same route.

''The board also approved conversion of 0.01 per cent non-convertible, non-cumulative, participating, redeemable preference shares allotted to promoter group to compulsorily convertible preference shares aggregating to Rs 918.35 crore,'' the filing said.

Kailash Tarachandani, CEO of Inox Wind, said this round of fund infusion led by promoters along with other investors reflects their confidence in the company.

Chetan, Managing Director - Samena Green Limited, said, ''We are excited to be partnering with Inox Wind Limited, we believe this sector has a huge potential and Inox Wind Limited is well positioned to capitalise it.

''Given the global shift towards renewables with India playing a leading role towards carbon neutrality, we believe this partnership will be fruitful for all stakeholders,'' he added.