Stock below Rs 20: Don't miss action in this stock that has announced rights issue!

The stock has made back-to-back upper circuits in the past few trading sessions and hence it witnessed some fresh buying.

Indowind Energy Ltd announced a right issue for the shareholders in the ratio of 2:5. The price for the right issue is Rs 12 per share. The company has set the record date as January 13, 2023, for rights issue with an issue size of 3,58,96,594 equity shares total aggregating to Rs 43,07,59,128. The offer will open on January 27, 2023 and close on February 10, 2023.

Shares of Indowind Energy Ltd were among the Top Gainers on the BSE today, accelerating 5 per cent upper circuit to Rs 19.40 per share from its previous closing of Rs 18.50. The stock has made back-to-back upper circuits in the past few trading sessions and hence it witnessed some fresh buying.

Indowind Energy Ltd, incorporated in 1995, is engaged in the business of generation and distribution of power through windmills. According to the financials, the company performed quite well. Today, shares saw a spurt in volume by more than 1.60 times on BSE.

The stock has a 52-week high of Rs 44.50 and a 52-week low is Rs 11.75 with the latest market cap of Rs 174.10 crore. In 1 month, the stock has gained 34.84 per cent whereas, in the past 6 months, the stock has gained 47.71 per cent respectively. Investors should watch out for this stock.