The promoters of Inox Wind
, India's leading provider of wind energy solutions, have invested Rs 623 crore in Inox Wind Ltd.
On August 30, 2022, the Board agreed to raise funds (up to Rs 800 crore through the issuance of 0.01% Non-Convertible Non-Cumulative Participating Redeemable Preference Shares on a private placement basis to 'Promoter/ Promoter Group' entities), which was subsequently approved in the AGM.
The promoters' fund infusion of Rs 623 crore, combined with the Rs 740 crore recently raised through the IPO of Inox Wind's Subsidiary Inox Green Energy Services, will help the company significantly reduce its consolidated interest-bearing liabilities and improve the profitability of both operating companies, commented Kailash Tarachandani, CEO of IWL.
In addition, Inox Wind has used these funds to repay Gujarat Fluorochemicals (GFL) for the advances (net off wind capacity expected to be commissioned) it received for establishing the wind power capacity. This is consistent with the InoxGFL Group's stated goal of achieving zero net debt across all operating entities.
At around 9.17 AM, Inox Wind was trading at Rs124.05 up by Rs1.95 or 1.6% from its previous closing of Rs122.10 on the BSE.
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