Inox Green Energy Services Ltd. saw its shares rise on Wednesday after the company announced the successful completion of its Qualified Institutional Placement (QIP). The company confirmed the allotment of 1.81 crore equity shares to qualified institutional buyers (QIBs), aggregating to nearly ₹300 crore.
The QIP, which commenced on September 24 and concluded on September 29, involved allotting 1,81,10,473 equity shares to 20 QIBs. The issue price for these shares was set at ₹165.65 per share, resulting in a total capital raise of ₹299.99 crore. This issue price represented a 5% discount from the QIP floor price of ₹174.36, a discount amounting to ₹8.71 per share, which was approved by shareholders in accordance with SEBI ICDR Regulations.
Impact on Equity Capital and Major Allottees
Following this significant allotment, Inox Green Energy's paid-up equity share capital experienced an increase. It rose from ₹401.49 crore to ₹419.60 crore, now comprising 41,96,02,518 equity shares, each with a face value of ₹10.
A breakdown of the major allottees reveals key institutional investors participating in the QIP:
- Bandhan Small Cap Fund: Received 45 lakh shares, accounting for 24.85% of the total QIP allotment.
- Leading Light Fund VCC-The Vintage: Allotted 30.18 lakh shares, representing 16.67% of the issue.
- India Opportunities Growth Fund Ltd - Pinewood Strategy: Acquired 21.15 lakh shares, making up 11.68%.
- Elm Park Fund Ltd: Was allotted 18.11 lakh shares, equivalent to 10% of the total issue.
QIP Timeline and Trading Window
The company had initially approved the opening of the QIP on September 24, with the floor price set at ₹174.36 per share. The issue officially closed on September 29 after Inox Green Energy received all necessary application forms and funds from the eligible QIBs. The trading window, which had been temporarily closed since September 24 in connection with the QIP, is scheduled to reopen on October 2, 2026.