The board of directors at Inox Green Energy Services (INOX Green), a wind power operations and maintenance service provider, has allotted 2.76 million equity shares with a face value of ₹10 (~$0.12) each at a price of ₹145 (~$1.73) to non-promoter warrant holders.

The allotment was made after receiving conversion requests and the balance payment of 75% of the issue price for the previously issued convertible warrants.

The newly allotted equity shares will be on an equal footing with the company’s existing equity shares in all respects, including dividend payments and voting rights.

This comes after the board of directors approved a series of resolutions on June 26, 2024, and shareholders’ approval on July 18, 2024. Subsequently, on August 2, 2024, the Board’s Operations Committee resolved to issue 44.83 million unlisted convertible warrants on a preferential basis at ₹145 (~$1.73) per warrant.

This conversion will significantly contribute to the company’s equity capital base, bringing the paid-up equity share capital to ₹3.67 billion (~$43.71 million). On a fully diluted basis, the total share capital will stand at ₹4.09 billion (~$48.71 million).

IGREL Renewables, a renewable power generation platform of the INOXGFL Group, raised ₹3 billion (~$35.8 million) in equity capital from prominent investors. The capital infusion will support IGREL Renewables’ expansion of its renewable energy portfolio. Investors, including Akash Bhansali, Rohit Kothari, and Madhusudan Kela, participated in the equity raise through their respective entities.

In September, Inox Wind signed an agreement with a consortium of banks led by ICICI Bank for a financing facility of ₹22 billion (~$263.54 million). As per ICICI Bank’s working capital assessment, the limit will likely be enhanced to ~₹24 billion (~$287.49 million).

Last November, Inox Wind raised around ₹8 billion (~ $96.93 million) by selling its equity shares, advancing toward a debt-free status.