Inox Wind Ltd on Thursday said that it has received clearance from stock exchanges — BSE and NSE — for the proposed merger scheme between Inox Wind Energy Ltd and Inox Wind Ltd.
This came after the company sought no-objection from the stock exchanges and the respective shareholders for the proposed merger between Inox Wind Energy Ltd with parent Inox Wind Ltd.
Earlier, the board of directors of Inox Wind Ltd in June approved the scheme of amalgamation of Inox Wind Energy into Inox Wind. The merger was subject to various regulatory approvals and compliances.
"BSE and NSE, vide their letters dated 27 December 2023, have issued their Observation Letters as required under Regulations 37 and 59A of the Listing Regulations with 'No adverse observation/ No objection', to the proposed scheme," Inox Wind said in a filing to the stock exchanges.
The approved swap ratio for the proposed merger is 158 equity shares of Inox Wind for every 10 equity shares of Inox Wind Energy. The issue price for the shares is ₹54 each, and 10 share warrants of Inox Wind Energy will be issued for ₹847 each.
Inox Wind's consolidation initiative aims to simplify and streamline the group's structure, reducing the number of listed entities. The goal is to boost operational synergy, focus efforts, standardise processes, and improve productivity through a more consolidated and efficient organisational setup.
At 10.32 AM, shares of Inox Wind were trading 1.4% lower at ₹466.45 apiece on BSE.
(Edited by : Asmita Pant)
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