Inox Wind Limited (IWL), a wind energy solutions provider, on Thursday announced the infusion of approximately Rs. 500 Crores (before taxes and other charges) by its promoter and promoter group entities, through an exchange filing. This strategic move marks a significant milestone in IWL's journey towards financial sustainability. The funds were raised by way of equity share sale of IWL by its promoter and promoter group entities through block deals on the stock exchanges. The funds will be utilised for the repayment of IWL’s existing debt.
Kailash Tarachandani, the CEO of Inox Wind, on this pivotal development, stated, "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 a part of the USD five billion INOXGFL Group.
The group has a legacy of over nine decades and is primarily focused on two business verticals - chemicals and renewable energy.
Inox Wind shares
The shares of Inox Wind on Thursday afternoon at 2:26 pm IST were trading at Rs 192.70, down by 2.90 per cent.