Inox Wind Energy raises ₹900 crore through sale of some of its stake in Inox Wind Ltd

30 May 2024 , 10:33 AM

Inox Wind Energy has raised ₹900 Crore through the sale of equity shares in its subsidiary, Inox Wind Ltd, part of the INOXGFL Group. This move aims to completely eliminate external debt for Inox Wind Ltd, as noted in a regulatory filing. The raised funds will be used to reduce Inox Wind’s debt and increase its working capital, thereby strengthening its balance sheet.

The transaction was executed via block deals on the stock exchanges and included participation from several notable institutional investors, according to IWEL’s filing on Tuesday evening.

At the time of writing, the shares of Inox Wind Energy were trading at ₹145.35 which is a 1.36% gain than the previous close. Th stock has gained 327% in the last one year, and 10% since the beginning of the year.

On 28 May, Tuesday, Inox Wind Energy sold a 4.6% stake in Inox Wind Ltd for ₹904 Crore through open market transactions.

The INOXGFL Group operates in two main sectors: chemicals and renewable energy, with four listed entities: Gujarat Flourochemicals Ltd, Inox Wind Ltd, Inox Green Energy Services, and Inox Wind Energy Ltd.

In May, Inox Wind Ltd reported a consolidated profit of ₹36.72 Crore for the March quarter, driven by increased income.

The company had a net loss of ₹119.04 Crore in the same period of the previous fiscal year. During the fourth quarter of FY24, Inox Wind Ltd’s total income rose to ₹563.07 Crore from ₹193.83 Crore a year earlier.

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