Inox Wind fetches Rs 500 crore from promoter entities; stock slips ~2%

17 Aug 2023 , 12:46 PM

Inox Wind Limited (IWL) stated today that its promoter and promoter group businesses injected Rs 500 crore (before taxes and other charges). This strategic move is a big step forward in IWL’s journey to financial sustainability.

The company raised funds through the sale of equity shares in IWL by its promoter and promoter group firms via block deals on stock exchanges. The monies will be used to pay off current debts at IWL.

On this pivotal development, Kailash Tarachandani, CEO of Inox Wind, commented that the recent fundraising initiative led by the company’s promoters and the subsequent capital infusion significantly reinforces its financial strength and empowers it with enhanced flexibility for future growth ambitions.

“The commitment displayed by our long-term investors in Inox Wind reflects their trust and confidence in the organization,’ he added.

At around 12.38 PM, Inox Wind was trading 1.89% lower at Rs 194.70, against the previous close of Rs 198.45 on NSE. The counter touched an intraday high and low of Rs 205.40, and Rs 193.50, respectively.

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