Inox Wind's shares surged 9.2% to a 52-week high of ₹658.5 after announcing the approval of bonus equity shares in a 3:1 ratio. This move aims to strengthen the company's capital base without cash outflow and enhance share liquidity. Additionally, the company turned profitable in the September-December 2023 quarter, reflecting its strong position amidst sector tailwinds.
Inox Wind Limited witnessed a 9.2% surge in its shares, reaching a fresh 52-week high of ₹658.5 on the Bombay Stock Exchange (BSE) on Thursday. The company's board approved the issuance of bonus equity shares in a ratio of 3:1, reflecting its commitment to enhancing shareholder value.
The issuance of bonus shares, to be allocated from the company's accumulated reserves, aims to fortify Inox Wind's capital base without any cash outflow. Moreover, it is expected to amplify the liquidity of the company's shares, facilitating broader investor participation.
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Under the leadership of Executive Director Devansh Jain, Inox Wind has strategically positioned itself for growth, evident from its profitability in the September-December 2023 quarter. Over the past two years, the company has diligently strengthened its balance sheet, ramped up operations, and invested in technological advancements to secure its position in the wind energy market.
The wind energy sector presents substantial growth opportunities, and Inox Wind is poised to capitalise on them. With a robust order book and a focus on operational efficiency, the company anticipates significant improvements in profitability moving forward.
Shareholders can look forward to participating in the decision-making process at the Extraordinary General Meeting scheduled for May 17, 2024, where the issuance of bonus equity shares and an increase in authorised share capital will be discussed and approved, marking a significant step in the company's expansion journey.
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Sources:
https://economictimes.indiatimes.com/markets/stocks/
news/inox-wind-shares-zoom-9-after-board-approves-31-bonus-shares/articleshow/109590826.cms?from=mdr
https://www.business-standard.com/companies/news/
inox-wind-board-cleares-bonus-issue-in-3-1-ratio-to-its-shareholders-124042500751_1.html
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