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Inox Wind's Board of Directors propose issuance of bonus shares of 3:1
Posted On : 2024-04-25 16:15:08( TIMEZONE : IST )
Inox Wind Limited (IWL), India's leading wind energy solutions provider, announced today that the Board of Directors of the company at its meeting held on 25th April 2024 has proposed the issuance of bonus shares of 3:1 (three bonus equity shares for every one existing equity share) out of the accumulated reserves of the company. The Bonus shares shall be issued to the shareholders whose name appears in the Register of Members as on the 'Record Date'.
The issuance of bonus shares will not only bolster the capital base of the Company without any cash outflow but will also enhance the liquidity of Inox Wind's shares, broadening participation of a wider set of investors.
Over the course of FY24, Inox Wind achieved a significant milestone by turning profitable in the SepDec'23 quarter. This achievement has been on the back of a significant ramp up in business operations. Further, the sector provides huge tailwinds for future growth. To capitalize on this opportunity, over the course of past couple of years, the company has taken all necessary steps, including strengthening the balance sheet, ramping up operations and securing itself on technological front for the next decade. The industry tailwinds are reflected in the strong orderbook and which will aid in significantly increasing profitability going forward.
Commenting on this occasion, 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."
Shares of Inox Wind Limited was last trading in BSE at Rs. 602.75 as compared to the previous close of Rs. 599.35. The total number of shares traded during the day was 55475 in over 2313 trades.
The stock hit an intraday high of Rs. 610.65 and intraday low of 598.00. The net turnover during the day was Rs. 33534595.00.
