New Delhi, Inox Wind Energy has raised Rs 900 crore through equity share sale of Inox Wind Ltd, a subsidiary of InoxGFL Group.
According to a regulatory filing, this is a significant step towards completely eliminating external debt at Inno Wind Ltd.
Inox Wind is India's leading wind energy solutions provider, while Inox Wind Energy Limited (IWEL) is one of the promoters of Inox Wind Limited.
The funds raised will be used to reduce Inox Wind's debt and enhance the working capital needs of the company, thereby further strengthening its balance sheet.
“The transaction was executed through a block deal on stock exchanges, which saw the participation of a number of leading institutional investors,” IWEL said in a filing on Tuesday evening.
As of March 31, 2024, Inox Wind's net external interest debt stood at Rs 65 crore.
On Tuesday, Inox Wind Energy sold 4.6 per cent stake in its subsidiary Inox Wind Ltd for Rs 904 crore through an open market transaction.
INOXGFL Group operates in two key sectors – chemicals and renewable energy. It has four listed entities, namely Gujarat Fluorochemicals Limited, Inno Wind Limited, Inox Green Energy Services and Inox Wind Energy Limited.
Earlier in May, Inox Wind Ltd had reported a consolidated profit of Rs 36.72 crore for the March quarter, mainly due to a rise in income.
It had recorded a net loss of Rs 119.04 crore in the January-March period of the last financial year.
The company's total income during Q4FY24 increased to Rs 563.07 crore from Rs 193.83 crore a year ago.
According to a regulatory filing, this is a significant step towards completely eliminating external debt at Inno Wind Ltd.
Inox Wind is India's leading wind energy solutions provider, while Inox Wind Energy Limited (IWEL) is one of the promoters of Inox Wind Limited.
The funds raised will be used to reduce Inox Wind's debt and enhance the working capital needs of the company, thereby further strengthening its balance sheet.
“The transaction was executed through a block deal on stock exchanges, which saw the participation of a number of leading institutional investors,” IWEL said in a filing on Tuesday evening.
As of March 31, 2024, Inox Wind's net external interest debt stood at Rs 65 crore.
On Tuesday, Inox Wind Energy sold 4.6 per cent stake in its subsidiary Inox Wind Ltd for Rs 904 crore through an open market transaction.
INOXGFL Group operates in two key sectors – chemicals and renewable energy. It has four listed entities, namely Gujarat Fluorochemicals Limited, Inno Wind Limited, Inox Green Energy Services and Inox Wind Energy Limited.
Earlier in May, Inox Wind Ltd had reported a consolidated profit of Rs 36.72 crore for the March quarter, mainly due to a rise in income.
It had recorded a net loss of Rs 119.04 crore in the January-March period of the last financial year.
The company's total income during Q4FY24 increased to Rs 563.07 crore from Rs 193.83 crore a year ago.
