Inox Wind Limited has informed the Exchange regarding 'Redemption of 0.01% Unlisted, Non-Convertible, Non-Cumulative, Participating, Redeemable Preference Shares'.
INOXWIND · price
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On the reaction day the stock moved 1.4 pts more than Nifty Smallcap 250 and 1.1 pts more than its Heavy Electrical Equipment peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Inox Wind has fully redeemed 56 crore (56,00,00,000) preference shares of Rs. 10 each, aggregating Rs. 560 Crores. These were held by Inox Leasing and Finance Limited, a promoter group company. The redemption was done at par, funded through the proceeds of the company's recent rights issue of equity shares. Post-redemption, the company has no outstanding preference shares, simplifying its capital structure.
This is a neutral-to-positive capital structure cleanup. The redemption was funded by equity raised via the rights issue, so there's no cash strain on the company. Shareholders may benefit from a cleaner balance sheet with only equity capital, though the low 0.01% dividend on preference shares was minor, so the EPS impact is negligible.