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Wind energy equipment maker Inox Wind's board approved the issuance of preference shares totalling Rs 1,100 crore to its promoters, the company stated in a regulatory filing with the Bombay Stock Exchange. The decision was taken in a board meeting on Wednesday.
Additionally, the board approved a proposal for issuing 0.01 per cent non-convertible participating, redeemable preference shares of Rs 10 each to its promoter Inox Wind Energy Ltd. The issue will be for consideration other than cash, at par, for an aggregate value not exceeding Rs 1,000 crore on a private placement basis.
The board further authorised its material subsidiary, Inox Wind Infrastructure Services to transfer its erection, procurement and commissioning (EPC) business to Resco Global Wind Services through a 'slump sale'.
(With inputs from PTI)
