Inox Wind’s share price rises by more than 5% when the company announces the issuance of bonus shares
Leading player in India’s wind energy solutions market, Inox Wind Limited (IWL), has revealed an amazing offer. In an appealing ratio of 3:1, IWL recommended the issuing of bonus shares during its most recent Board of Directors meeting on April 25, 2024. This means that for each equity share that is now in place, there will be three bonus equity shares that come from the company’s accumulated reserves.
According to the company’s filing with the exchange, “Issue of Bonus Equity Shares in a ratio of 3:1 i.e. 3 (Three) new fully paid-up bonus equity shares of Rs. 1o/- each for every 1 (one) existing equity share of Rs. lo/- each held by the shareholders of the company as of the record date, subject to the approval of shareholders and other statutory/ regulatory approvals, consents, permissions, conditions and sanctions, as may be necessary.”
In order to strengthen the company’s capital basis without requiring any cash outflow, the bonus shares were issued. It also seeks to increase Inox Wind’s share liquidity so that more types of investors may benefit from its performance.
Inox Wind has achieved a noteworthy milestone, demonstrating the effectiveness of its operating strategy, by making a profit in the September 2023 quarter.
Mr. Devansh Jain, Executive Director of INOXGFL Group, commented on this development, saying, “Inox Wind has taken multiple actions over the past two years which have contributed to its strong position today.” The management values each and every one of our shareholders, and we hope that they will continue on the thrilling growth road ahead. This bonus is a worthy return for their trust and faith in the firm.
The shares of Inox Wind were up 5.32% from the previous day’s close to Rs 635 at the time of filing. The share’s 52-week high is Rs 658.40, and its low is Rs 103.
