Renewable Energy Penny Stock Offers Rights Issue at 31.5 per cent Discount: Know the Ratio and Record Date!

In 2024, the stock has gained 45 per cent, while in the last one year the stock has delivered multibagger return of 194.23 per cent

After a flat start on Wednesday, the NSE benchmark Nifty50 Index reached a new record high in the early hours. However, it quickly lost these gains and experienced extended selling as the day went on. Despite this, buying at lower levels helped recover some intraday losses, resulting in a close at 24,324, down 108 points or 0.45 per cent.

Nifty failed to maintain its record high, ending 0.45 per cent lower in a volatile session marked by selling in the auto, banking, IT, and metals sectors. Notably, auto stock M&M saw its largest single-day decline in over four years due to a price cut. Amidst this turbulence, there was news from penny stock Indowind Energy about a rights issue.

Indowind Energy Limited develops wind farms, manages the wind assets, and generates Green Power for sale to utilities and corporates. Company has built expertise to build Wind Power Projects- from concept to commissioning. Wind Asset Management Solution for installed assets, including operations, billing, collection of revenue to project customers. Supply of Green Power to Customers. CERs (Carbon Credit) Sales and Trading.

Indowind Energy Limited has announced a rights issue to raise up to Rs. 4,900 Lakhs through the issuance of 2,14,66,956 fully paid-up equity shares at a price of Rs. 22.5 per share, which includes a premium of Rs. 12.50 per share.

The record date for determining shareholders' eligibility for this rights issue is set for Tuesday, July 16, 2024. The rights issue will open on Friday, July 26, 2024, and close on Monday, August 05, 2024, with the last date for on-market renunciation being Wednesday, July 31, 2024.

Ratio: 1:5 (one rights equity share for every five fully paid-up equity shares held).

Shares of Indowind Energy closed at Rs 29.60 and the rights issue is offered at a discount of 31.5 per cent to its current market price of Rs 29.60 per share.

In 2024, the stock has gained 45 per cent, while in the last one year the stock has delivered multibagger return of 194.23 per cent

Disclaimer: The article is for informational purposes only and not investment advice.