Indowind Energy's Rights Issue Oversubscribed by 1.59 Times, Raises Rs 48.30 Crore

Indowind Energy successfully closed its rights issue of 2.14 crore equity shares, raising Rs 48.30 crore. The issue was oversubscribed by 1.59 times. The funds will be utilized for a solar power project in Tamil Nadu and other purposes. Loyal Credit & Investments subscribed to 44,44,445 equity shares.

Indowind Energy on Tuesday announced the successful closure of its rights issue of 2.14 crore equity shares, raising Rs 48.30 crore from its shareholders.

The issue attracted bids for 3,40,60,362 shares resulting in oversubscription by 1.59 times, according to a BSE filing.

The rights issue was open for subscription from July 26, 2024, to August 5, 2024. The company fixed the price at Rs 22.50 per equity share (including a premium of Rs 12.50 per equity share).

The issue comprised 2,14,66,956 fully paid-up equity shares aggregating to Rs 48.30 crore for cash, on a rights basis to its eligible equity shareholders in the ratio of one rights Equity Share for every five fully paid-up Equity Shares held as on record date i.e. July 16, 2024.

The funds raised via rights issue will be used for developing a 6 MW (DC) Solar Power Project at Tamil Nadu and appropriation of a part of the Net Proceeds to issue rights shares to Loyal Credit & Investments, among other purposes.

As many as 44,44,445 Equity Shares were subscribed by Loyal Credit & Investments Limited towards appropriation of a part of the Net Proceeds to issue Rights Shares against Outstanding loan, it stated.

The allotment, listing and trading formalities of the new shares on the NSE and BSE are expected to be completed on or about Friday, August 9, Monday, August 12 and Tuesday, August 20 respectively.