Inox Wind (IWL) on Thursday announced that its Board of Directors has proposed the issuance of bonus shares of 3:1 (three bonus equity shares for every one existing equity share) out of the company’s accumulated reserves.
The bonus shares shall be issued to the shareholders whose names appear in the Register of Members as of the ‘Record Date’. The company said the issuance of bonus shares will not only bolster the company’s capital base without any cash outflow but will also enhance the liquidity of IWL’s shares, broadening the participation of a wider set of investors.
INOXGFL Group Executive Director Devansh Jain said “Over the course of past two years, IWL has taken multiple actions which have contributed to its strong position today. The management appreciates the support of all our shareholders and this bonus is a befitting reward for their confidence and faith in the company, and we would want them to continue on the exciting growth journey ahead.”
Over the course of FY24, Inox Wind achieved a significant milestone by turning profitable in the September-December 2023 quarter. This achievement was based on a significant ramp-up in business operations.
Further, the sector provides huge tailwinds for future growth. To capitalise on this opportunity, throughout the past couple of years, the company has taken all necessary steps, including strengthening the balance sheet, ramping up operations, and securing itself on the technological front for the next decade. The industry tailwinds are reflected in the strong orderbook, which will aid in significantly increasing profitability going forward.