Shares of Inox Green Energy Services Ltd and Wheels India Ltd are drawing significant attention in the market following their announcements regarding the launch of Qualified Institutional Placements (QIPs).
Inox Green Energy Services QIP Details
Inox Green Energy Services has confirmed that its board has approved the QIP, setting the floor price at Rs 174.36 per share. This pricing adheres to the formula prescribed under the SEBI ICDR Regulations. The company retains the discretion to offer a discount of up to 5 per cent on this floor price.
The energy services firm intends to raise Rs 300 crore through this offering. The base offer includes 1.81 crore shares, with an option to issue an additional 60.4 lakh shares. Emkay Global has been appointed as the bookrunner for this issue.
Proceeds from Inox Green's QIP are earmarked for investment in its subsidiary, Vibhav Energy, specifically for the partial payment towards the acquisition of Wind World (India)'s Operations and Maintenance (O&M) business.
Wheels India Ltd QIP Overview
Concurrently, Wheels India has launched its own QIP, aiming to raise Rs 250 crore. The board has approved a floor price of Rs 2,197.10 per share, calculated according to Regulation 176(1) of the SEBI ICDR Regulations. The indicative price for the issue has been set at Rs 2,088.
Wheels India may issue up to 12 lakh shares as part of this placement. ICICI Securities is serving as the sole lead manager for the issue.
The funds generated from Wheels India's QIP are designated for the repayment or prepayment, either in part or in full, of certain outstanding borrowings, strengthening the company's financial position.