IND Renewable Energy Ltd has announced its plan to raise Rs 26 crore through a rights issue, as stated in a regulatory statement released after a board meeting.
This decision modifies their earlier communication where the company had conveyed a proposal to raise funds up to Rs 15,00,00,000. The Board of Directors has now in principle approved the proposal to raise funds up to Rs 26,00,00,000 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 a discounted price. This move indicates IND Renewable Energy Ltd’s intention to secure additional capital to support its growth and expansion plans. By raising funds through a rights issue, the company aims to strengthen its financial position and leverage the opportunities in the renewable energy sector.