Board of Directors approve infusion of capital into Inox Wind Limited

Inox Wind Limited (IWL), India's leading wind energy solutions provider, today announced that its Board of Directors, in its meeting held on 31st May, 2024, has approved the raising of funds in the company. With the board's approval in place and further subject to shareholder and other regulatory approvals, the proceeds from the sale of IWL shares by IWL's promoter Inox Wind Energy Limited (IWEL) via block deals on the stock exchanges on 28th May, 2024, will be infused in IWL by way of issuance of 0.01% Non-Convertible Non-Cumulative Participating Redeemable Preference Shares ('NCPRPS') to IWEL. The funds will be utilised by IWL to completely pare down its external debt and augment the working capital needs, strengthening its balance sheet further.

Speaking on the occasion, Mr. Devansh Jain, Executive Director of INOXGFL Group, said "We are pleased to announce that post the completion of our fund raising exercise at IWEL earlier this week, where we successfully raised ~ Rs 900 crores from marquee investors, IWL has received the board approval for the infusion of the said funds into IWL. This is another milestone event for the INOXGFL Group in its remarkable journey over the last few years. Post the fund infusion, IWL will become net debt free, excluding promoter debt. We thank all our investors who have shown their faith in the growth story of IWL. INOXGFL Group's commitment and contribution to India's sustainable growth story will only grow stronger from here."

Shares of Inox Wind Limited was last trading in BSE at Rs. 148.85 as compared to the previous close of Rs. 145.45. The total number of shares traded during the day was 755739 in over 9331 trades.

The stock hit an intraday high of Rs. 149.60 and intraday low of 142.05. The net turnover during the day was Rs. 110006998.00.

Source : Equity Bulls

Keywords

InoxWind INE066P01011 FundRaising CapitalInfusion