Inox Wind EPC Arm Raises Rs 350 Crore By Preference Issue; Shares Gain
After this, Resco Global ceases to be a wholly-owned subsidiary, the company said in an exchange filing.
Inox Wind Ltd.'s subsidiary, Resco Global Wind Services Ltd., raised Rs 350 crore via equities from marquee investors. After this, Resco Global ceases to be a wholly-owned subsidiary, the company said in an exchange filing.
The unit raised equity on Wednesday by allotting equity shares on a preferential basis, through private placement to non promoters, Inox Wind said in a filing. The engineering, procurement and construction subsidiary used securities in exchange of funds raised.
Valrado Venture Partners Fund II, Anchorage Capital Scheme I, JM Financials Products Ltd., Founders Collective Fund, One Up Financial Consultants Pvt., Authum Investments & Infrastructure Ltd., and Capri Global Holdings Pvt. are the key investors in the equity raise, it said.
Resco Global is among the top two EPC wind service providers in India. It provides service from conceptualising to project commissioning. The company has been operating for 14 years.
Inox Wind Ltd. shares rose 3.93%. However, they gave up gains to trade 2.62% higher at Rs 244.78 apiece as of 09:59 a.m., compared to a 0.33% increase in the NSE Nifty 50.
The stock gained 407.45% in 12 months, and 95.94% year-to-date. Total traded volume so far in the day stood at 0.26 times its 30-day average. The relative strength index was at 74.11, which implied the stock was overbought.
Out of six analysts tracking the company, five maintain a 'buy' rating and one recommends a 'hold', according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 9.5%.
