Indowind Energy has gained by 4% to Rs 8.04 after reaching an understanding with ICICI Bank Ltd to settle all outstanding disputes pending in various legal forums.

According to the release sent by the company to the exchange, a Memorandum of Compromise (MOC) has been executed by both the parties and promoter group on November 09, 2011 for clearing the litigated rental obligations on wind mills till date and all commitments on preference shares.

In intra-day deals, the stock opened at Rs 7.80 and touched the high of Rs 8.05. The counter has seen trades of around 657,291 shares so far on the BSE.