Inox Wind promoters infuse Rs 500 crore through block deals; to repay debt

Wind energy solutions-provider Inox Wind Ltd (IWL) announced the infusion of Rs 500 crore by its promoter and promoter group entities. 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 bourses.

The company will use the funds to repay its existing debt. Moreover, this move marks a significant milestone in the company’s journey towards financial stability, Inox Wind said in a filing. It said that this is a significant step towards becoming net-debt free.

Kailash Tarachandani, CEO of Inox Wind, said, "The recent fundraising initiative led by IWL'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 IWL, stands as a testament to their trust and confidence in the company."

Inox Wind is part of the $5-billion INOXGFL Group that focuses primarily on chemicals and renewable energy. Inox Wind is a wind energy provider that services IPPs, utilities, corporate and PSU investors.

The company has four state-of-the-art manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh. The Gujarat plant, based near Ahmedabad and the Madhya Pradesh plant in Barwani manufactures blades and tubular towers. The Himachal Pradesh plant in Una and the Bhuj plant in Gujarat manufacture hubs and nacelles.

Inox Wind’s manufacturing capacity stands at 1,600 MW per annum.

The company’s shares closed at Rs 198.45 on BSE, down 1.34 per cent, on Wednesday.

Also read: Inox Wind shares in focus as promoters infuse Rs 500 crore for repayment of debt