Inox Wind Energy Ltd sells stake in Inox Wind Ltd

Inox Wind Energy Ltd has sold an aggregate of 3,83,62,000 equity shares of its subsidiary, Inox Wind Limited (IWL) through block deals on the stock exchange viz. BSE Limited, thereby raising MRS. 800 Crores.

Post the aforesaid transaction, the Company's shareholding in its subsidiary, IWL decreased from 50.20% to 38.43%. Consequently, IWL ceased to be a subsidiary of the Company with effect from 31st October, 2023.

The transaction was executed via block deals on the stock exchanges and witnessed participation by several marquee long-only domestic and foreign institutional investors. The funds raised, will be infused into Inox Wind Ltd and subsequently utilised to pare down Inox Wind's external debt, strengthening its balance sheet further.

Speaking on the occasion, Mr. Devansh Jain, Executive Director of INOXGFL Group, said "With today's transaction, we have taken a large step towards our goal of achieving a net debt-free status for Inox Wind Ltd. We thank all the investors who have participated and shown their faith in Inox Wind's impending growth trajectory. As Inox Wind embarks on its next phase of growth, underpinned by India's Renewable Energy targets, its robust financial position, and strong execution capabilities, we have ensured that all the levers required to scale up operations are in place. Inox Wind remains committed to being an integral part of India's sustainable growth story."

Shares of Inox Wind Energy Ltd was last trading in BSE at Rs. 2878.55 as compared to the previous close of Rs. 2791.95. The total number of shares traded during the day was 1088 in over 334 trades.

The stock hit an intraday high of Rs. 2935.35 and intraday low of 2762.00. The net turnover during the day was Rs. 3119037.00.

Source : Equity Bulls

Keywords

InoxWindEnergy StakeSale FundRaising