Why Shares Of Suzlon Competitor Are Surging 6% Today

Shares of Inox Wind continued their strong run at the bourses after the company’s board approved issuing bonus shares.

What Happened: The wind energy solutions provider on Thursday announced that the company’s Board of Directors has proposed the issuance of bonus shares of 3:1. This means that for every one share held by a person, he would receive three bonus shares.

“The issuance of bonus shares will not only bolster the capital base of the Company without any cash
outflow but will also enhance the liquidity of Inox Wind's shares, broadening participation of a wider
set of investors,” the company said in a press release.

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Subject to obtaining shareholders’ approval and other approvals the Bonus Equity Shares shall be credited/
dispatched within 2 months from the date of the Board approval i.e. on or before 24th June, 2024. The wind energy major has been on an incredible run this past year. In just the last six months, the stock has gone up over 200%.

Price Action: Inox Wind’s share price was up 6.15% to trade at ₹640 in the late hours of trading on Thursday.

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