Inox Wind to achieve net debt free status* with infusion of Rs 900 crores by promoter

Inox Wind Limited (IWL), India's leading wind energy solutions provider, today announced the completion of infusion of ~ Rs. 900 Crores into the company by its promoter Inox Wind Energy Limited (IWEL). The funds were raised by IWEL on May 28, 2024, through sale of equity shares of IWL through block deals on the stock exchanges, witnessing participation of several marquee investors. The funds will be utilised by IWL to completely pare down its external term debt to achieve a net debt free status*.

Mr. Kailash Tarachandani, CEO of Inox Wind, remarked, "It has been a remarkable journey so far. This fund infusion will help us become a net debt free company, strengthening our balance sheet and help accelerate our growth. We expect substantial savings in interest expenses going ahead, aiding our profitability further. With all the building blocks in place, be it our execution capabilities, state-of-the-art technological offerings, financial strength, robust order book and a large order pipeline, we are geared up to embark on a substantial growth journey ahead."

Shares of Inox Wind Limited was last trading in BSE at Rs. 157.00 as compared to the previous close of Rs. 142.35. The total number of shares traded during the day was 3266370 in over 26601 trades.

The stock hit an intraday high of Rs. 164.00 and intraday low of 147.70. The net turnover during the day was Rs. 516340514.00.

* Net debt free status is excluding promoter debt

Source : Equity Bulls

Keywords

InoxWind INE066P01011 FundInfusion InoxWindEnergy NetDebtFreeStatus