Inox Green Energy shares sank over five percent in early trade on June 24 after the clean energy player's board of directors announced they would consider raising funds.
On June 21, the management announced via an exchange filing that they will schedule a board meeting to consider a proposal for raising of funds on Wednesday, June 26.
At 11.15 am, Inox Green Energy shares were quoting Rs 166.3 on the BSE, lower by 2.8 percent compared to the previous close.
According to news reports, the firm might raise Rs 1,000 crore via preferential allotment and warrant issuance to be able to fund any future acquisitions.
"We wish to inform you that a meeting of the Board of Directors of Inox Green Energy Services Limited is scheduled to be held on Wednesday, 26 June to consider the proposal for raising funds by way of issuance of one or more securities including equity shares, convertible securities of any description or warrants, through preferential issue, private placement, rights issue or any other methods or combination thereof as may be permitted under applicable laws," said Inox Green Energy, in a filing with the bourses.
The company's revenue for the January to March quarter fell by 7.8 percent compared to the same period last year. Inox Green recorded a net profit of Rs 20.3 crore, turning around from a net loss of Rs 1.8 crore in the previous year.
EBITDA fell by 20.7 percent year-on-year to Rs 11.5 crore, with the margin dropping over 350 basis points to 21.9 percent from last year's 25.5 percent.
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