IND Renewable Energy Limited’s board has approved the proposal to raise fund up to Rs 260 million through a rights issue. This is in modification of company’s earlier communication in March 2023, wherein the company’s board approved the proposal to raise fund up to Rs 150 million by way of issue of share on preference basis / right issue. The Board of Directors has now in principle approved the proposal to raise funds up to Rs 260 million through a rights issue. The specific terms of the issue, such as the pricing and other details, will be determined by the board at a later date.
A rights issue allows existing shareholders to purchase additional shares in proportion to their existing holdings, often at discounted rates. This action shows that IND Renewable Energy Ltd. intends to raise additional funds to support its expansion and growth ambitions. The company aims to improve its financial standing and take advantage of opportunities in the renewable energy industry by raising funds through a rights issue.
