INOX Green Energy Services Limited (IGESL) announced yesterday that its board has approved a scheme to demerge its power evacuation business into Resco Global Wind Services Limited. The decision was made during a board meeting held on November 13, 2024.
The shares of INOX Green Energy Services Limited (IGESL) were trading at ₹153.66 up by ₹5.04 or 3.39 per cent on the NSE today at 1.15 pm.
Under the scheme, shareholders of INOX Green will receive 122 equity shares of Resco (face value ₹10) for every 1,000 IGESL shares held. Warrant holders will get 122 convertible warrants of Resco at ₹205 each for every 1,000 IGESL warrants currently priced at ₹145.
The demerger aims to establish IGESL as a pure-play operations and maintenance (O&M) service provider for wind turbine generators, while consolidating the power evacuation business under Resco. The power evacuation business contributed 6.19 per cent (Rs.14.93 crore) to IGESL’s total turnover in the last financial year.
Post-demerger, IGESL’s shareholding pattern will remain unchanged with promoters holding 56.92 per cent stake. However, Resco’s shareholding will see promoter holding decrease from 91.90 per cent to 83.66 per cent, while public holding will increase from 8.10 per cent to 16.34 per cent.
The scheme requires approvals from shareholders, creditors, stock exchanges, and the National Company Law Tribunal, Ahmedabad Bench. Resco’s shares will be listed on both BSE and NSE after necessary approvals.