Ashish Kacholia bought 28,28,585 shares & Promoter bought 2,75,86,206 shares of this multibagger wind-power company with 2,656-MW order book

The stock gave multibagger returns of over 200 per cent in just 1 year whereas BSE Sensex Index is up by 25 per cent.

Incorporated in 2012, Inox Green Energy Services Limited is one of the major wind power operation and maintenance (O&M) service providers within India. The company is a subsidiary of Inox Wind Limited (IWL) and part of the Inox GFL group of companies. The company has a market cap of over Rs 5,200 crore and as of March 31, 2024, the company’s order book stands at Rs 2,656-MW.

The Board of Directors of Inox Green Energy Services Limited approved a proposal to raise funds of up to Rs 1,050 crore. This fundraising will be done through a preferential issue of equity shares and convertible warrants. The company plans to issue up to 2,89,85,503 equity shares with a face value of Rs 10 each. These shares will be offered at an issue price of Rs 138 per share, which includes a premium of Rs 128 per share. This will raise to Rs 400 crore from non-promoter entities.

In addition, the company will also issue up to 4,48,27,582 convertible warrants. Each warrant will carry the right to subscribe to one equity share of the company with a face value of Rs 10 at a price of Rs 145 per warrant. This price includes a premium of Rs 135 per equity share for each warrant. These warrants can be exercised within 18 months of allotment and can be purchased by both promoters/promoter groups and non-promoter entities. This issuance of convertible warrants is expected to raise up to Rs 650 crore.

Also Read: Promoters bought 44,86,164 shares in FY24: Heavy buying in this penny stock at Rs 7.66 from logistics industry; Hit 20 per cent upper circuit

In the fundraising, Inox Leasing and Finance Limited, an Indian Promotor Group company bought 2,75,86,206 convertible warrants exercisable into equity shares proposed to be allotted at Rs 145 per convertible warrant worth Rs 400 crore. Additionally, an ace investor, Ashish Kacholia bought 14,49,275 equity shares proposed to be allotted at Rs 138 per equity share worth Rs 20 crore and 13,79,310 convertible warrants exercisable into equity shares proposed to be allotted at Rs 145 per convertible warrant worth Rs 20 crore.

On Wednesday, shares of Inox Green Energy Services Limited (IGESL) surged 7.45 per cent and made a fresh new 52-week high of Rs 184.55 per share from its previous closing of Rs 171.75 per share. The stock gave multibagger returns of over 200 per cent in just 1 year whereas BSE Sensex Index is up by 25 per cent. Investors should keep an eye on this Small-Cap stock.

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