Inox Wind Energy invests Rs 800 crore in subsidiary Inox Wind

5 Dec 2023 , 10:15 AM

Inox Wind Energy Ltd (IWEL) said on Monday that it invested Rs 800 crore in Inox Wind Limited (IWL), which would utilise the funds to pay off some of its outstanding debt. IWEL previously funded Rs 800 crore through the sale of equity shares in Inox Wind in block sales on public markets.

The company will use the money to repay IWL’s current debt,’ IWEL stated in a regulatory statement on Monday.

Inox Wind has granted 0.01% non-convertible redeemable preference shares (NCRPS) of Rs 10 apiece to IWEL for this cash consideration of Rs 800 crore, according to a separate announcement by the company.

According to Kailash Tarachandani, CEO of Inox Wind, the current round of funding by IWL’s promoter and subsequent financial infusion into IWL is a significant step towards the company’s goal of being debt-free.

INOXGFL Group operates in two primary industries: chemicals and renewable energy. Gujarat Fluorochemicals Limited (GFL), Inox Wind Limited, Inox Green Energy Services Limited, and Inox Wind Energy Limited are the four listed entities.

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