Inox Green raises Rs 300 crore via QIP at 5 percent discount to floor price
INOXGREEN · price
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On the reaction day the stock moved 1.3 pts less than Nifty Microcap 250 and 1.5 pts less than its Diversified Commercial Services peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Inox Green Energy Services allotted 1.81 crore shares to 20 institutional investors via QIP at Rs 165.65 per share, raising about Rs 300 crore. The issue price is at a 5 percent discount to the floor price of Rs 174.36. Major allottees include Bandhan Small Cap Fund (24.85%), Leading Light Fund VCC (16.67%), India Opportunities Growth Fund (11.68%), Elm Park Fund (10%), and Societe Generale (6.38%). Paid-up equity capital rose from Rs 401.5 crore to Rs 419.6 crore.
Equity dilution of about 4.3 percent but company raises Rs 300 crore. Strong domestic and foreign institutional participation is a positive signal.