Indowind Energy Rights Issue will open for subscription from 26 July 2024. the company aims for an issue size of ₹48.30 Crores through this rights Issue.
About the company
Founded in 1995, Indowind Energy stands as an Independent Power Producer specializing in the operation, maintenance, and ownership of windmills. They have dedicated Wind farms where they also offer allied services in the Wind Energy sector. Across Tamil Nadu and Karnataka, Indowind Energy harnesses the natural power of wind, boasting an impressive 49.645 MW energy generation capacity spread across 123 windmills. Specifically, 29.55 MW operates in Tamil Nadu, while an additional 20.095 MW operates in Karnataka, underscoring their commitment to sustainable energy solutions.
Electricity generated from its windmills is sold through the group captive scheme and third-party sales to corporate entities and the State Electricity Board BESCOM, under Power Purchase Agreements (“PPAs”). The client base of the company includes Oracle, Tata Teleservices, Coca-cola, HDFC Bank, Hindustan Unilever, Titan, Wheels India Ltd, KPTCL (Government of Karnataka), etc.
Objectives of the Issue
- To invest in developing the 6 MW (DC) Solar Power Project in Tamil Nadu;
- Appropriation of a part of the Net Proceeds to issue Rights Shares to Loyal Credit & Investments Limited, one of the Corporate Promoters of the Company as and by way of reimbursement of the amount paid by Loyal Credit & Investments Limited to EXIM on our behalf; and
- General Corporate Purposes
Indowind Energy Rights Issue Timetable
| Rights Issue Approval Date | 10 July 2024 |
| Rights Issue Record Date | 16 July 2024 |
| Credit of Rights Entitlement | 25 July 2024 |
| Rights Issue Opening Date | 26 July 2024 |
| Last Date for Market Renunciation | 31 July 2024 |
| Rights Issue Closing Date | 05 August 2024 |
| Finalization of Basis of Allotment | 09 August 2024 |
| Rights Allotment Date | 09 August 2024 |
| Credit Date | 16 August 2024 |
| Listing Date | 20 August 2024 |
Indowind Energy Rights Issue Details
| Issue Open | July 26, 2024 – August 5, 2024 |
| Security Name | Indowind Energy Limited |
| Issue Size (Shares) | 21,466,956 |
| Issue Size (Amount) | ₹48.30 Crores |
| Issue Price | ₹22.5 per share |
| Face Value | ₹10 per share |
| Listing At | BSE, NSE |
| Terms of Payment | All money payable at the time of Application |
| Entitlement | 1 Rights Equity Share(s) for every 5 fully paid-up Equity Shares held on Record Date |
Company Financials
| FY 2022 | FY 2023 | FY 2024 | |
| Revenue | 24.56 | 33.96 | 39.71 |
| Expenses | 18.02 | 19.97 | 23.87 |
| Operating Margin (%) | 26.63 | 41.20 | 39.89 |
| Net Income | 0.13 | (19.26) | 7.27 |
| ROCE (%) | 0.71 | 2.73 | 3.73 |
Rights Issue Documents
Indowind Energy Rights Issue Lead Manager(s)
SRUJAN ALPHA CAPITAL ADVISORS LLP
824 & 825, Corporate Avenue,
Sonawala Rd, Opposite Atlanta Centre,
Sonawala Industry Estate, Goregaon, Mumbai – 400 063
Phone: +91 022-46030709
E-mail: indowind.rightsissue@srujanalpha.com
Website: www.srujanalpha.com
Indowind Energy Registrar
BIGSHARE SERVICES PRIVATE LIMITED
S6-2, 6th Floor, Pinnacle Business Park,
Next to Ahura Centre, Mahakali
Caves Road, Andheri East, Mumbai – 400 093
Phone: +91 22 6263 8200 / 22
Email: rightsissue@bigshareonline.com
Website: www.bigshareonline.com
Company Contact Information
INDOWIND ENERGY LIMITED
Kothari Buildings, 4th Floor,
Chennai, Tamil Nadu, 600 034
Phone: 044-28331310
E-mail: rachana@indowind.com
Website: www.indowind.co.in
Final Thoughts
Applying for the rights issue is purely a personal choice. Make sure you conduct a detailed study of the company and its rights issues before you make an investment decision.
Happy investing
