Inox Wind Limited on Wednesday, July 23, announced that its board has approved the terms for a Rs 1,249.33 crore rights issue, following in-principle clearances from stock exchanges BSE and NSE.
The issue involves 10,41,10,712 fully paid-up equity shares with a face value of Rs 10 each, being offered at Rs 120 per share, comprising Rs 10 face value and a Rs 110 premium. This price reflects a 27% discount compared to the stock’s current market rate.
Eligible shareholders will receive five shares for every 78 held as on the record date of July 29, 2025. The rights issue will open on August 6 and close on August 20. Shareholders can renounce their entitlements on-market until August 14, and off-market until August 19. The company has also retained the flexibility to extend the issue window by up to 30 days from the opening date.
Assuming full subscription, Inox Wind’s total outstanding equity shares will rise from 162.41 crore to 172.82 crore post-issue.
Earlier in the day, Inox Wind announced it has secured a 51 MW order from First Energy (FEPL), a Thermax Group company, for the supply of its 3 MW class wind turbines. The contract also includes limited-scope EPC services and multi-year operations and maintenance (O&M) support post-commissioning.
FEPL, a leading renewable energy solutions provider in India’s commercial and industrial (C&I) sector, will deploy the turbines at its project site in Tamil Nadu through its special purpose vehicle (SPV), First Energy 10 Private Limited.
As part of the order, IWL will supply turbines with a hub height of 140 metres and a rotor diameter of 145 metres. The scope further includes EPC services such as project supervision, along with long-term O&M services to be executed through IWL’s subsidiaries.
Sanjeev Agarwal, CEO, Inox Wind, said: We are thrilled to commence our relationship with First Energy through this 51 MW order, which we believe will be the first of many as we build on our relationship going ahead.
First Energy, a Thermax Group company, is an emerging force in India’s rapidly expanding commercial and industrial (C&I) renewable energy market. We are confident that this partnership will enable First Energy to accelerate its growth and scale its offerings more effectively.
Strong Q4 performance
The rights issue comes on the back of a strong performance in the March quarter. Inox Wind reported a consolidated net profit of ₹190.34 crore in Q4 FY25, a more than fivefold increase from Rs 38.74 crore a year ago, driven by robust order execution and revenue growth.
Revenue for the quarter more than doubled to Rs 1,310.65 crore, up from Rs 569.04 crore in the same period last year.
Shares of Inox Wind closed at Rs 165.05 on Wednesday, down ₹0.45 or 0.27% on the BSE.