New Delhi, Jan 3 (PTI) Inox Wind Energy will seek shareholders' approval to raise up to Rs 90 crore through issuance of 10.62 lakh convertible warrants in its Extraordinary General Meeting (EGM) later this month.

The convertible warrants will be issued at the rate of Rs 847 per unit in the EGM on January 25, 2022, a BSE filing said.

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The funds will be used for meeting the funding requirements of the company, its subsidiaries' consolidated business operations and for general corporate purposes.

On December 27 last year, the company's board had approved a proposal to this effect.

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As per the proposal, the funds will be raised in one or more tranches, within a period of 18 months from the date of allotment of the warrants, aggregating to Rs 90 crore on preferential basis.

According to the EGM notice, it is proposed to issue 8,26,446 warrants worth up to Rs 70 crore to Devansh Trademart LLP, an entity forming part of the company's promoter group.

Secondly, the company will issue 2,36,128 warrants worth up to Rs 20 crore to Anjana Projects Private Ltd, a non-promoter (unrelated investor).

An amount equivalent to at least 25 per cent of the warrant issue price will be payable at the time of subscription and allotment of each warrant and the balance 75 per cent shall be payable within 18 months from the date of allotment of the warrants, it stated.

The company will also seek approval of the members for alteration of the company's Articles of Association to enable issuance of the warrants.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)