Inox Green, Wheels India Shares Rise on QIP Announcements

Shares of Inox Green Energy Services Limited and Wheels India Limited increased during Friday’s trading session after both companies announced fundraising through qualified institutions placement (QIP).

Inox Green Energy Services Limited reported a share price increase of nearly 0.5% following the announcement of a ₹300 crore QIP. Wheels India Limited saw its stock rise close to 2.57% during the intraday trading session after announcing a ₹250 crore QIP.

The QIP for Inox Green Energy Services Limited opened on Thursday, September 24, following approval by the company’s board of directors. The floor price for the issue was set at ₹174.36 per equity share, calculated based on the SEBI ICDR Regulations pricing formula.

Inox Green Energy Services Limited may offer a discount of up to 5% on the floor price for the QIP. The company stated in its BSE filing that it may choose to provide this discount at its discretion.

Wheels India Limited’s QIP floor price was fixed at ₹2,197.10 per equity share, determined using the pricing formula under SEBI regulations. The company is offering a discount of up to 5% on the floor price for the issue.

Inox Green Energy Services Limited’s share price was trading at ₹175.75 per share on BSE, with a market capitalisation of ₹7,056.22 crore. The stock reached an intraday low of ₹172 per share.

Wheels India Limited’s shares were up 2.44% at ₹2,238.60 per share on BSE, with a market capitalisation of ₹5,482.16 crore. The stock reached an intraday high of ₹2,296.55 per share and a low of ₹2,194.50 per share.