Suzlon’s Peer Power Penny Stock Under Rs 30; Board Approves Fundraise via Rights Issue and Overseas Securities for Business Expansion
The is trading at 1.10 times its book value and stock is up by 35 per cent from its 52-week low of Rs 18.41 per share.
On Thursday, shares of Suzlon’s Peer Power Penny Stock - Indowind Energy Limited plunged 2.01 per cent to Rs 24.86 per share from its previous closing of Rs 25.37 per share with an intraday high of Rs 25.98 per share and an intraday low of Rs 24.58 per share. The stock’s 52-week high is Rs 32.66 per share and its 52-week low is Rs 18.41 per share.
Indowind Energy Limited has announced significant corporate actions. The company's Board of Directors has approved a draft Postal Ballot Notice to seek shareholder approval for two key proposals. Firstly, the Board intends to modify the project composition outlined in the Letter of Offer dated July 10, 2024, to boost revenue growth. Secondly, the Board seeks shareholder consent for a material related-party transaction. Shareholders as of December 13, 2024, will be eligible to participate in the E-voting process, which will be open from December 20, 2024, to January 19, 2025.
To fuel expansion and strategic initiatives, Indowind Energy Limited has authorized two fund-raising measures. The Board has approved a fresh rights issue of up to Rs 50 crore to finance expansion requirements. A dedicated committee has been formed to finalize the terms of the issue and appoint necessary agencies. Additionally, the Board has given its nod for the issuance of overseas new securities worth up to USD 30 million, subject to regulatory approvals. The primary purpose of these securities is to facilitate the exchange or restructuring of outstanding bonds and to allocate surplus funds for business expansion both domestically and internationally. A committee has been constituted to oversee the terms of the overseas issuance and related appointments.
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Indowind Energy Ltd., a prominent player in India's renewable energy sector, has been dedicated to harnessing the power of the wind since its inception in 1995. The company specializes in developing and managing wind farms, generating clean and sustainable energy. With a strong focus on innovation and operational excellence, Indowind offers a comprehensive range of services, including green power sales, project management, asset management, and value-added solutions. By contributing to India's renewable energy goals, Indowind Energy Ltd. is committed to a greener and more sustainable future.
The company has a market cap of Rs 320 crore and has delivered good profit growth of 21.1 per cent CAGR over the last 5 years. The is trading at 1.10 times its book value and stock is up by 35 per cent from its 52-week low of Rs 18.41 per share. Investors should keep an eye on this power penny stock.
Disclaimer: The article is for informational purposes only and not investment advice.