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Business News/ Markets / Stock Markets/  Locked in 5% upper circuit, penny stock sets record date for 2:5 rights issue
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Locked in 5% upper circuit, penny stock sets record date for 2:5 rights issue

With a market valuation of ₹150.95 Cr, Indowind Energy Limited is a small cap company that operates in the country's power industry.

On Friday, the shares of Indowind Energy closed at a 5% upper circuit limit of  ₹16.80 apiece level on the NSE.  (REUTERS)Premium
On Friday, the shares of Indowind Energy closed at a 5% upper circuit limit of 16.80 apiece level on the NSE. (REUTERS)

With a market valuation of 150.95 Cr, Indowind Energy Limited is a small-cap company that operates in the country's power industry. The business is generating Green Power through specialised wind farms and provides assistance to the wind energy industry being involved in the renewable energy sector.

Recently, the company informed stock exchanges by saying that its Board of Directors “has inter alia considered and approved the following terms of the Rights Issue:

1) Instrument: Fully paid-up Equity Shares of face value of Rs. 10/- each

2) Total number of Equity Shares and Rights Issue size: 3,58,96,594 fully paid-up Equity Shares each for amount aggregating to Rs. 43,07,59,128

3) Rights Issue Price: Rs. 12/- per fully paid-up Equity Share [including a premium of Rs. 2/- per Equity Share]

4) Record date: 13th January,2023 (Friday) for the purpose of determining the names of the equity shareholders who would be eligible to receive the rights entitlement in the Rights Issue (“Eligible Equity Shareholders".

5) Rights Issue Period: a) Rights Issue Opening Date: 27th January, 2023 b) Rights Issue Closing Date: 10th February, 2023.

6) Outstanding Equity Shares: a) Prior to the Rights Issue: 8,97,41,486 Equity shares; b) Post Rights Issue: 12,56,38,080 Equity Shares.

7) Rights Entitlement ratio: 2:5(2 Equity Shares for every 5 Equity shares fully paid-up Equity Share held by the Eligible Equity Shareholders of the Company, as on the record date).

8) ISIN for Rights Entitlement: INE227G20018."

On Friday, the shares of Indowind Energy closed at a 5% upper circuit limit of 16.80 apiece level on the NSE. The stock recorded a total volume of 161,160 shares compared to the 20-Day average volume of 162,645 shares. The penny stock had touched a 52-week-high of 44.25 on (04-January-2022) and a 52-week-low of 11.75 on (21-June-2022), indicating that at the current market price the stock is trading 62.03% below the 1 year high and 42.97% above the 1 year low. For the quarter ended September or Q2FY23, the company reported a promoter shareholding of 44.76% and a public stake of 55.24%.

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ABOUT THE AUTHOR
Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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Updated: 01 Jan 2023, 05:02 PM IST
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