Penny Stock Set The Record Date for 2:5 rights issue ,Locked in 5% upper circuit

Indowind Energy Limited, a small-cap firm that works in the nation’s electricity industry, with a market value of 150.95 Cr. The company helps the wind energy sector’s involvement in the renewable energy sector by producing green power through specialised wind farms.

The business has disclosed to stock markets that its Board of Directors “had inter alia studied and approved the following conditions of the Rights Issue:

1) Instrument: Equity Shares with a face value of Rs. 10 apiece and fully paid up

2) The total number of equity shares and the size of the rights offering are 3,58,96,594 fully paid-up equity shares for a total of Rs. 43,07,59,128.

3) The price of the rights offering was Rs. 12 per fully paid equity share, plus a premium of Rs. 2 per equity share.

For the purpose of identifying the names of the equity owners who would be entitled to receive the rights entitlement in the rights issue, the record date is January 13, 2023 (Friday) “.

5) The dates for the rights issue are as follows: a) the rights issue begins on January 27, 2023; b) the rights issue ends on February 10, 2023.

6) Outstanding Equity Shares: (a) 8,97,41,486 Equity Shares before the Rights Issue; (b) 12,56,38,080 Equity Shares after the Rights Issue.

7) 2:5 rights-to-entitlement ratio (2 Equity Shares for every 5 Equity shares fully paid-up Equity Share held by the Eligible Equity Shareholders of the Company, as on the record date).

8) INE227G20018 is the ISIN for rights entitlement.”

The Indowind Energy shares ended at a 5% upper circuit limit of $16.80 per share on Friday on the NSE. Compared to the 20-Day average volume of 162,645 shares, the company had a total volume of 161,160 shares. The penny stock had a 52-week high of 44.25 on January 4, 2022, and a 52-week low of 11.75 on June 21, 2022; therefore, the stock is now trading 62.03% below its one-year high and 42.97% above its one-year low at the current market price. The business recorded a promoter ownership of 44.76% and a public stake of 55.24% for the quarter that ended in September, or Q2FY23.