Diversified conglomerate INOXGFL Group on Tuesday concluded the equity share sale of Inox Wind (IWL) by its promoter, Inox Wind Energy (IWEL), raising around Rs 800 crore.
The transaction was executed via block deals on the stock exchanges and witnessed participation by several marquee long-only domestic and foreign institutional investors, the company said.
The funds raised, will be infused into IWL and subsequently utilised to pare down its external debt, strengthening its balance sheet further, it added.
INOXGFL Group ED Devansh Jain said, “With today’s transaction, we have taken a large step towards our goal of achieving a net debt-free status for Inox Wind. We thank all the investors who have participated and shown their faith in Inox Wind’s impending growth trajectory.”
As Inox Wind embarks on its next phase of growth, underpinned by India’s renewable energy targets, its robust financial position and strong execution capabilities, the firm has ensured that all the levers required to scale up operations are in place. Inox Wind remains committed to being an integral part of India’s sustainable growth story, he added.
Last week, IWL said that its consolidated net loss narrowed to Rs 26.84 crore in the July-September quarter in FY24 from Rs 113.81 crore in the year-ago period.
The supply of 3.3 megawatt (MW) wind turbine generators (WTGs) are on track to commence within Q3 FY24. The company’s order execution stood at 143 MW in H1 FY24. The order book stands at 1,276 MW, across 2 MW and 3.3 MW WTGs.
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