New Delhi: Wind energy solutions provider Inox Wind on Thursday said its board of directors has approved a proposal to issue bonus shares in the ratio of 3:1 to its shareholders.
The bonus shares will be issued to those shareholders whose names appear in the register of members on the 'record date', a company statement said.
According to the statement, the board of directors of Inox Wind Limited in its meeting on April 25, 2024 has proposed to issue three bonus equity shares for every existing equity share from the accumulated reserves of the company.
It said the issuance of bonus shares will not only strengthen the capital base of the company without any cash outflow, but will also increase the liquidity of Inno Wind's shares, thereby enabling participation from a wider group of investors.
During the financial year 2023-24, Inox Wind turned profitable in the September-December 2023 quarter due to significant growth in business operations.
Moreover, during the last few years, the company has taken all the necessary steps, including strengthening the balance sheet, accelerating operations and securing itself on the technology front for the next decade, as I said.
It added that the adverse conditions in the industry are reflected in the strong order book, which will help me significantly in increasing profitability going forward.
An extraordinary general meeting of the shareholders of the company is scheduled to be held on May 17, 2024, to approve the increase in the authorized share capital along with the issue of bonus equity shares, the company's filing said.
Inox Wind is a part of the US$8 billion INOXGFL Group.
The bonus shares will be issued to those shareholders whose names appear in the register of members on the 'record date', a company statement said.
According to the statement, the board of directors of Inox Wind Limited in its meeting on April 25, 2024 has proposed to issue three bonus equity shares for every existing equity share from the accumulated reserves of the company.
It said the issuance of bonus shares will not only strengthen the capital base of the company without any cash outflow, but will also increase the liquidity of Inno Wind's shares, thereby enabling participation from a wider group of investors.
During the financial year 2023-24, Inox Wind turned profitable in the September-December 2023 quarter due to significant growth in business operations.
Moreover, during the last few years, the company has taken all the necessary steps, including strengthening the balance sheet, accelerating operations and securing itself on the technology front for the next decade, as I said.
It added that the adverse conditions in the industry are reflected in the strong order book, which will help me significantly in increasing profitability going forward.
An extraordinary general meeting of the shareholders of the company is scheduled to be held on May 17, 2024, to approve the increase in the authorized share capital along with the issue of bonus equity shares, the company's filing said.
Inox Wind is a part of the US$8 billion INOXGFL Group.
