New Delhi: Shares of Inox Wind surged over 14 per cent in morning trade on Thursday after the wind energy services provider said its promoter Inox Wind Energy has invested Rs 900 crore in the company.
The company's shares rose 14.45 percent to Rs 163.07 on the National Stock Exchange (NSE).
On BSE, shares of Inox Wind were trading 13.80 per cent higher at Rs 162 per piece.
Meanwhile, Inox Wind Energy Ltd (IWEL) stock jumped 5 per cent to Rs 7,562.25 and Rs 7,552.65 and hit its upper circuit limit on the stock market.
In the morning session, the 30-share BSE Sensex was trading 154.79 points or 0.19 per cent higher at 80,141.59, while the Nifty rose 47.45 points or 0.2 per cent to 24,333.95.
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 promptly repay all of its debt due.
“The net debt free position is excluding promoter debt,” Inox Wind said.
The company's shares rose 14.45 percent to Rs 163.07 on the National Stock Exchange (NSE).
On BSE, shares of Inox Wind were trading 13.80 per cent higher at Rs 162 per piece.
Meanwhile, Inox Wind Energy Ltd (IWEL) stock jumped 5 per cent to Rs 7,562.25 and Rs 7,552.65 and hit its upper circuit limit on the stock market.
In the morning session, the 30-share BSE Sensex was trading 154.79 points or 0.19 per cent higher at 80,141.59, while the Nifty rose 47.45 points or 0.2 per cent to 24,333.95.
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 promptly repay all of its debt due.
“The net debt free position is excluding promoter debt,” Inox Wind said.
