Noida-headquartered wind energy solutions provider Inox Wind Limited on Monday, December 4, announced the completion of infusion of ₹800 crore into the company by its promoter Inox Wind Energy Limited (IWEL).
This strategic action marks another significant milestone in Inox Wind Energy's journey towards financial sustainability and profitability, Inox Wind said in a regulatory filing.
"On October 31, 2023, IWL's promoter, IWEL, completed the successful fund raise of ₹800 crore through an equity share sale of IWL on the stock exchanges, facilitated via block deals, witnessing participation of several marquee long-only foreign and domestic investors," the company said.
The funds received will be utilised to repay Inox Wind's existing debt.
"The recent round of fundraising by IWL's promoter and the subsequent capital infusion into IWL is another significant step towards our stated objective of becoming a net-debt free company. The ongoing ramp up of our operations, technological upgrade to the globally established 3.3 MW WTGs and our strong financial position will help us embark on a robust growth journey, aided by the macro tailwinds," said Kailash Tarachandani, the CEO of Inox Wind.
Shares of Inox Wind closed at ₹287.25 on the BSE on Friday. The stock has been on a gaining streak since the last six months, up 108%. On a year-to-date basis, the scrip is up 163.17%.
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