Inox Green Energy Services (IGESL), a INOX GFL group firm, on Wednesday said that it will raise up to ₹1,050 crore by way of preferential issue, which will be utilised for organic and in-organic expansion.
In a filing to the BSE, IGESL said its Board of Directors have approved the proposal to raise funds aggregating up to ₹1,050 crore by way of a “preferential issue”.
As part of the plan, the company aims to issue more than 2.89 crore shares at an issue price of ₹138 including a premium of ₹128 per share, aggregating up to ₹400 crore to non-promoter entities.
The company will convene an extraordinary general meeting (EGM) on July 18, 2024, for seeking approval of the members for the issue.
IGESL provides Operation and Maintenance (O&M) services as well as common infrastructure facilities for Wind Turbine Generators (WTGs). It offers end-to-end wind turnkey solutions in India. At the end of FY24, its O&M portfolio stood at 3.3 gigawatt (GW).
The proceeds from the issue will be utilised for future growth and expansion of the company, including acquisitions. In its Q4FY24 investor meet, the company said it is committed to almost doubling its O&M portfolio in revenue terms from current level to 6 GW by FY26 through both organic and inorganic means. Besides, IGESL aims to become a 10 GW company in 3-4 years.
During Q4 FY24, on a consolidated basis, IGESL reported a revenue of Rs 84.1 crore compared to ₹60.5 crore in Q3 FY24. It posted a profit after tax (PAT) of ₹21.6 crore against ₹0.8 crore in Q3 FY24.