Indowind Energy shares charge ahead on European buy reports
Shares of Indowind Energy catapulted 10 per cent on reports that it is close to acquiring a wind energy company in Europe for an estimated price of around Rs 400 crore.
By INDIATIMES NEWS NETWORK |
MUMBAI: Shares of Indowind Energy catapulted 10 per cent on reports that it is close to acquiring a wind energy company in Europe for an estimated price of around Rs 400 crore.
At 11:38 am, the share was up 9.99 per cent at Rs 160.20 with volume traded at 1,37,315 against two week average of 1,22,867 shares.
The company had raised around Rs 100 crore from its initial public offering and another $100 million through a foreign currency convertible bonds issue. Indowind Energy has got commitments of $50 million from a clutch of bankers and intends to use part of these proceeds for the acquisition, the report added.
Accoridng to the report, the company is in the process of installing an additional capacity of 9 MW at the wind farm project at Chitradurga district in Karnataka, and has acquired 125.23 acres of land in the state. It has a power generation capacity of 17.915 MW and intends to raise this to 50 MW by the end of the financial year.
The company supplies power to state electricity boards and other corporates and is planning to get into farming.
At 11:38 am, the share was up 9.99 per cent at Rs 160.20 with volume traded at 1,37,315 against two week average of 1,22,867 shares.
The company had raised around Rs 100 crore from its initial public offering and another $100 million through a foreign currency convertible bonds issue. Indowind Energy has got commitments of $50 million from a clutch of bankers and intends to use part of these proceeds for the acquisition, the report added.
Accoridng to the report, the company is in the process of installing an additional capacity of 9 MW at the wind farm project at Chitradurga district in Karnataka, and has acquired 125.23 acres of land in the state. It has a power generation capacity of 17.915 MW and intends to raise this to 50 MW by the end of the financial year.
The company supplies power to state electricity boards and other corporates and is planning to get into farming.
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