Shares of Inox Wind tumbled over 6 percent in Thursday's trade after the wind energy solutions provider said its promoter and promoter group entities have infused Rs 500 crore in the company for debt repayment. The scrip settled 2.49 percent lower at Rs 193.50 apiece on the NSE today.
The stock is trading 16 percent below its 52-week high of Rs 228.40 level, hit on August 9, 2023. Inox Wind shares are up 77.28 percent on a year-to-date basis and 84.64 percent in the last one year.
The funds were raised by way of equity share sale of Inox Wind by its promoter and promoter group entities through block deals on the stock exchanges, Inox Wind said in a regulatory filing before the market hours.
The funds will be utilised for the repayment of IWL’s existing debt, it said. ”Inox Wind announced the infusion of Rs 500 crores (before taxes and other charges) by its promoter and promoter group entities.”
Inox Wind further said the strategic move marks a significant milestone in Inox Wind's journey towards financial sustainability.
"The recent fundraising initiative led by Inox Wind's promoters and the subsequent capital infusion significantly reinforces our financial strength and empowers us with enhanced flexibility for future growth endeavours. The unwavering commitment, which our long-term investors have shown in Inox Wind, stands as a testament to their trust and confidence in the company,” said Kailash Tarachandani, the CEO of Inox Wind. Inox Wind is a part of the $ 5 billion INOXGFL Group.
The group has a legacy of over nine decades and is primarily focused on two business verticals – chemicals and renewable energy.
The company is engaged in manufacturing and selling Wind Turbine Generators (WTGs) and Erection, Procurement & Commissioning (EPC)services. It provides services in operations & maintenance (O&M), common infrastructure facilities for WTGs, and wind farm development through its subsidiary, Inox Green.
Inox Wind's four manufacturing facilities are located in Gujarat, Madhya Pradesh, and Himachal Pradesh.
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