Inox Green Energy Services rises on inking pact to acquire 51% stake in Resowi Energy
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Inox Green Energy Services is currently trading at Rs. 66.00, up by 0.74 points or 1.13% from its previous closing of Rs. 65.26 on the BSE.
The scrip opened at Rs. 66.30 and has touched a high and low of Rs. 66.39 and Rs. 65.74 respectively. So far 9917 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 76.48 on 10-Aug-2023 and a 52 week low of Rs. 38.50 on 13-Apr-2023.
Last one week high and low of the scrip stood at Rs. 69.00 and Rs. 65.01 respectively. The current market cap of the company is Rs. 1916.07 crore.
The promoters holding in the company stood at 56.04%, while Institutions and Non-Institutions held 12.51% and 31.45% respectively.
Inox Green Energy Services (IGESL) has entered into a Share Subscription cum Shareholders' Agreement with Resowi Energy (Target Company) on September 22, 2023 to subscribe to the fresh Equity Shares of the Target Company on a private placement basis which will result in the Company acquiring majority stake of 51% in the post share capital of the Target Company.
The Target Company is engaged in the business of operations and maintenance of Wind turbine generators (WTGs) and has capabilities to service 2 MW and higher rated WTGs of several OEMs operating in India & Sri Lanka. The acquisition will enhance IGESL's expertise to offer its services to a wider customer base.
Inox Green Energy Services is one of the major wind power operations and maintenance (O&M) service providers within India. The Company is engaged in the business of providing long-term O&M services for wind projects.
