Renowned investor Ashish Kacholia has made a significant investment of Rs 40 crore in Inox Green Energy Services by subscribing to equity shares and convertible warrants in a preferential issue, according to a recent stock exchange filing.
Kacholia acquired 14.49 lakh equity shares in Inox Green at Rs 138 per share, totaling Rs 20 crore. Additionally, he subscribed to 13.79 lakh convertible warrants priced at Rs 145 per unit, amounting to another Rs 20 crore. Notably, investors are required to pay 25% of the subscription amount upfront for the warrants, with the remaining 75% payable upon conversion into equity shares within 18 months from the allotment date.
Inox Green Energy Services disclosed in its exchange filing that its board has approved a Rs 1,050 crore fundraise through a preferential issue, comprising Rs 400 crore in equity shares and Rs 650 crore in convertible warrants. Both shares and warrants carry a face value of Rs 10 each, with each warrant entitling the holder to subscribe to one equity share at Rs 145 per unit within 18 months.
In trading on June 26, Inox Green stock surged nearly 7% to a high of Rs 183.7 and was trading 4% higher at Rs 179 in late afternoon trade. Over the past year, the stock has more than tripled in value, with a notable 30% increase in the last month alone.
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