Inox Wind board approves issuance of preference shares worth Rs 11 billion to promoters

The board of Inox Wind has approved the issuance of preference shares worth Rs 11 billion to its promoters.

The board also approved the proposal of issuance of 0.01 per cent non-convertible non-cumulative, participating, redeemable preference shares of the face value of Rs 10 each to Inox Wind Energy Limited, promoter of the company. The issue will be for consideration other than cash, at par, for an aggregate value not exceeding Rs 10 billion on a private placement basis. In addition, it also approved the proposal of issuance of 0.01 per cent non-convertible, non-cumulative, participating, redeemable preference shares of the face value of Rs 10 each to Devansh Trademart LLP, an entity forming part of the promoter group. The issue will be for cash consideration, at par, for an aggregate value not exceeding Rs 1 billion on a private placement basis.

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