Multibagger stock skyrockets 19%, hits 52-week high on merger with parent company

Inox Wind Energy shares surged nearly 19%, hitting a 52-week high, following the approval from its board members for a merger with its parent firm, Inox Wind. Inox Wind will issue 158 equity shares for every 10 shares held by Inox Wind Energy shareholders and issue 158 share warrants with an issue price of INR54 each to shareholders of Inox Wind Energy, for every 10 share warrants held, with an issue price of INR847 each. Once completed, the promoters’ shareholding in Inox Wind will reduce from 72.01% to 55.83%, while the shares of the public will surge to 44.17% from 27.99%.