Inox Green Energy, Inox Wind, Inox Wind Energy shares rallied up to 17% today; here's why
Shares of Inox Green Energy Services soared 16.93 per cent to hit a high of Rs 173.35. Inox Wind shares jumped 6.91 per cent to Rs 204.35. Inox Wind owned 56.35 per cent stake in Inox Green Energy Services at the September quarter.
- Dec 2, 2024,
- Updated Dec 2, 2024 12:47 PM IST
Inox Green Energy Services Ltd saw its shares climbing 17 per cent in Monday's trade after the Inox Wind Ltd subsidiary said it has entered into a share purchase agreement to sell the entire issued and paid-up equity share capital of Rs 1,00,000, comprising of 1,00,000 equity shares, of Aliento Wind Energy Private Limited (AWEPL) to Nani Virani Wind Energy Private Limited. Shares of promoter Inox Wind gained 7 per cent while Inox Wind Energy, a promoter group entity of Inox Wind, also gained 5 per cent.
Shares of Inox Green Energy Services soared 16.93 per cent to hit a high of Rs 173.35. Inox Wind shares jumped 6.91 per cent to Rs 204.35. Inox Wind owned 56.35 per cent stake in Inox Green Energy Services at the September quarter.
Inox Wind Energy Ltd, which owned 33.83 per cent stake in Inox Wind as of September 30, also climbed 5 per cent to Rs 10,667.50.
AWEPL is a wholly-owned company. Nani Virani Wind Energy is a related party controlled and owned by significant beneficial owners of the Inox Green Energy Services, for cash consideration, at face value of Re 1 each. Nani Virani does not belong to 'promoter or promoter group' of the company, Inox Green Energy Services said.
"Pursuant to the share purchase agreement, the equity shares have been transferred today and as a result, AWEPL ceases to be a subsidiary of the company w.e.f. 30th November, 2024," Inox Green Energy Services said on November 30 in a BSE filing.
The transaction is being done at arm's length, Inox Green Energy said.
Inox Green Energy Services Ltd saw its shares climbing 17 per cent in Monday's trade after the Inox Wind Ltd subsidiary said it has entered into a share purchase agreement to sell the entire issued and paid-up equity share capital of Rs 1,00,000, comprising of 1,00,000 equity shares, of Aliento Wind Energy Private Limited (AWEPL) to Nani Virani Wind Energy Private Limited. Shares of promoter Inox Wind gained 7 per cent while Inox Wind Energy, a promoter group entity of Inox Wind, also gained 5 per cent.
Shares of Inox Green Energy Services soared 16.93 per cent to hit a high of Rs 173.35. Inox Wind shares jumped 6.91 per cent to Rs 204.35. Inox Wind owned 56.35 per cent stake in Inox Green Energy Services at the September quarter.
Inox Wind Energy Ltd, which owned 33.83 per cent stake in Inox Wind as of September 30, also climbed 5 per cent to Rs 10,667.50.
AWEPL is a wholly-owned company. Nani Virani Wind Energy is a related party controlled and owned by significant beneficial owners of the Inox Green Energy Services, for cash consideration, at face value of Re 1 each. Nani Virani does not belong to 'promoter or promoter group' of the company, Inox Green Energy Services said.
"Pursuant to the share purchase agreement, the equity shares have been transferred today and as a result, AWEPL ceases to be a subsidiary of the company w.e.f. 30th November, 2024," Inox Green Energy Services said on November 30 in a BSE filing.
The transaction is being done at arm's length, Inox Green Energy said.