Inox Green Energy shares rise as company allots shares worth Rs 300 crore in QIP

Inox Green Energy Services Ltd shares rose in Wednesday's trade after the company completed its qualified institutional placement (QIP) and allotted 1.81 crore equity shares to qualified institutional buyers (QIBs). The company said the allotment aggregated to nearly ₹300 crore.

The QIP, which opened on September 24 and closed on September 29, saw the company allot 1,81,10,473 equity shares to 20 QIBs at an issue price of ₹165.65 per share. The total amount raised through the issue stood at ₹299.99 crore.

Inox Green shares rose as much as 1.5% during Wednesday's session, hitting a high of ₹166.30, compared with the previous close of ₹163.85.

The issue price of ₹165.65 represented a 5% discount to the QIP floor price of ₹174.36, with the discount amounting to ₹8.71 per share. The floor price had been determined under the pricing formula prescribed by the SEBI ICDR Regulations. The company had received shareholder approval to offer a discount of up to 5% on the floor price.

Following the allotment, Inox Green's paid-up equity share capital increased from ₹401.49 crore to ₹419.60 crore, comprising 41,96,02,518 equity shares of ₹10 each.

Among the major allottees, Bandhan Small Cap Fund received 45 lakh shares, accounting for 24.85% of the total QIP allotment. Leading Light Fund VCC-The Vintage was allotted 30.18 lakh shares, or 16.67%, while India Opportunities Growth Fund Ltd - Pinewood Strategy received 21.15 lakh shares, or 11.68%. Elm Park Fund Ltd was allotted 18.11 lakh shares, representing 10% of the issue.

The company had initially approved the opening of the QIP on September 24 at a floor price of ₹174.36 per share. The issue was subsequently closed on September 29 after the company received application forms and funds from eligible QIBs. The trading window, which had been closed from September 24 in connection with the QIP, is scheduled to reopen on October 2, 2026.