New Delhi: Shares of Inox Wind jumped over 10 per cent on Thursday after the wind service provider said its promoter Inox Wind Energy has invested Rs 900 crore in the company.
The stock closed 10.30 per cent higher at Rs 157.15 on the NSE.
Shares of Inox Wind closed 10.29 per cent higher at Rs 157 per piece on BSE.
Meanwhile, Inox Wind Energy Ltd (IWEL) jumped 5 per cent to hit the upper circuit on BSE and NSE. The stock closed at the upper circuit limit of Rs 7,562.20 on BSE and Rs 7,552.65 on NSE.
The 30-share BSE Sensex closed 62.87 points or 0.08 per cent higher at 80,049.67, while the broader Nifty closed 15.65 points or 0.06 per cent higher at 24,302.15.
On Thursday, Inox Wind Ltd (IWL) said its promoter IWEL has invested Rs 900 crore in the company, following which the wind energy solutions provider will become a net debt-free company.
Kailash Tarachandani, CEO, Inox Wind, said, “This fund investment will help us become a net debt-free company, strengthen our balance sheet and help accelerate our growth. We will also achieve substantial savings in interest expenses going forward.” “We hope that will help our profitability.”
According to the company statement, the funds were raised by IWEL through the sale of equity shares of IWL through a block deal on the stock exchanges on May 28, 2024, which saw participation from multiple key investors.
It said the funds will be used by Inox Wind Ltd to completely reduce its external debt to achieve a net debt-free position.
Net debt is a metric that determines how well a company can repay all of its due debts promptly.
“The net debt free position is excluding promoter debt,” Inox Wind said.
The stock closed 10.30 per cent higher at Rs 157.15 on the NSE.
Shares of Inox Wind closed 10.29 per cent higher at Rs 157 per piece on BSE.
Meanwhile, Inox Wind Energy Ltd (IWEL) jumped 5 per cent to hit the upper circuit on BSE and NSE. The stock closed at the upper circuit limit of Rs 7,562.20 on BSE and Rs 7,552.65 on NSE.
The 30-share BSE Sensex closed 62.87 points or 0.08 per cent higher at 80,049.67, while the broader Nifty closed 15.65 points or 0.06 per cent higher at 24,302.15.
On Thursday, Inox Wind Ltd (IWL) said its promoter IWEL has invested Rs 900 crore in the company, following which the wind energy solutions provider will become a net debt-free company.
Kailash Tarachandani, CEO, Inox Wind, said, “This fund investment will help us become a net debt-free company, strengthen our balance sheet and help accelerate our growth. We will also achieve substantial savings in interest expenses going forward.” “We hope that will help our profitability.”
According to the company statement, the funds were raised by IWEL through the sale of equity shares of IWL through a block deal on the stock exchanges on May 28, 2024, which saw participation from multiple key investors.
It said the funds will be used by Inox Wind Ltd to completely reduce its external debt to achieve a net debt-free position.
Net debt is a metric that determines how well a company can repay all of its due debts promptly.
“The net debt free position is excluding promoter debt,” Inox Wind said.
