1:5 Rights Issue: Wind Power Generation Company’s Rs 48.30 crore Issue Oversubscribed by 1.59 Times; FIIs Bought 3,09,126 Shares!
The company’s shares have delivered a multibagger return of over 120 per cent to its shareholders in just 1 year.
Incorporated in 1995, Indowind Energy Ltd is engaged in power generation and distribution through windmills. The company focused on wind energy-based renewable power generation, has announced the successful completion of its rights issue. The company issued 2,14,66,956 fully paid-up equity shares on a rights basis to eligible shareholders, which commenced on July 26, 2024.
The rights issue saw a subscription of 3,40,60,362 shares, resulting in an oversubscription of 1.59 times. The issue, open from July 26, 2024, to August 5, 2024, was priced at Rs 22.50 per share (including a premium of Rs 12.50 per share), raising a total of Rs 48.30 crore. Eligible shareholders had offered one rights equity share for every five shares held as of the record date, July 16, 2024.
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Today shares of Indowind Energy Ltd are at around Rs 29.23 per share. The company’s current market capitalization stands at Rs 376.42 crore. Additionally, the shares have delivered a multibagger return of over 120 per cent in the past 1 year.
As per the Quarterly Results, in Q4 FY24, Indowind Energy Ltd recorded a revenue of Rs 4.44 crore representing a de-growth of 1.55 per cent YoY from Rs 4.51 crore. The operating loss for Q4 FY24 stood at Rs 0.95 crore. The net profit for Q4 FY24 stood at Rs 0.63 crore compared to a loss of Rs 24.93 crore last year same quarter. Looking at the annual performance, the company generated a revenue of Rs 39.71 crore in FY24. The operating profit for FY24 was Rs 15.84 crore with a net profit of Rs 7.27 crore compared to a net loss of Rs 19.26 crore in FY23.
Investors must keep this Small-Cap stock on their radar.
Disclaimer: The article is for informational purposes only and not investment advice.