 "Inox Wind")
Wind energy solutions provider Inox Wind on Thursday said its board of directors have cleared a proposal to issue bonus shares in the ratio of 3:1 to its shareholders.
The bonus shares shall be issued to the shareholders whose names appear in the Register of Members as on the 'Record Date', a company statement said.
According to the statement, Inox Wind Ltd Board of Directors at its meeting held on April 25, 2024 has proposed the issuance of three bonus equity shares for every one existing equity share out of the accumulated reserves of the company.
The issuance of bonus shares will not only bolster the capital base of the company without any cash outflow but will also enhance the liquidity of Inox Wind's shares, broadening participation of a wider set of investors, it stated.
Over the course of financial year 2023-24, Inox Wind turned profitable in the September-December 2023 quarter on the back of a significant ramp up in business operations.
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Moreover, over the course of the past couple of years, the company has taken all necessary steps, including strengthening the balance sheet, ramping up operations and securing itself on technological front for the next decade, it stated.
The industry tailwinds are reflected in the strong order book, which will aid in significantly increasing profitability going forward, it noted.
A company filing stated that an Extra-Ordinary General Meeting of the shareholders of the company has been scheduled to be held on May 17, 2024 to approve the issue of bonus equity shares as well as increase in authorized share capital.
Inox Wind is a part of the USD 8 billion INOXGFL Group.
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