Inox Wind Limited (IWL), India’s leading wind energy solutions provider, today announced the completion of infusion of approximately Rs. 800 Crores (before taxes and fees) into the company by its promoter Inox Wind Energy Limited (IWEL), the company on Monday announced through an exchange filing.
This strategic action marks another significant milestone in IWL's journey towards financial sustainability and profitability.
On October 31, 2023, IWL’s promoter, IWEL, completed the successful fund raise of approximately Rs. 800 Crores through an equity share sale of IWL on the stock exchanges, facilitated via block deals, witnessing participation of several marquee long-only foreign and domestic investors. The funds received will be utilized to repay IWL’s existing debt.
Kailash Tarachandani, the CEO of Inox Wind, remarked, "The recent round of fundraising by IWL's promoter and the subsequent capital infusion into IWL is another significant step towards our stated objective of becoming a net-debt free company. The ongoing ramp up of our operations, technological upgrade to the globally established 3.3 MW WTGs and our strong financial position will help us embark on a robust growth journey, aided by the macro tailwinds."
Inox Wind Limited shares
The shares of Inox Wind Limited on Monday at 10:24 am IST were trading at Rs 312.45, up by 8.53 percent.