Inox Wind Block Deal: The company stated in a filing that this action represents a significant step towards financial stability.
Inox Wind Ltd (IWL), a developer of wind energy solutions, said that its proprietor and promoter group firms have invested Rs 500 crore. The money was raised through the block deal equity share sale of Inox Wind by its promoter and promoter group companies on the stock exchanges.
The money will be used by the business to pay off its current debt. Additionally, Inox Wind stated in a statement that this action represents a critical turning point in the company’s road towards financial stability. This is a crucial step towards being net debt free, it was stated.
Inox Wind’s CEO, Kailash Tarachandani, stated that the most recent fundraising effort by IWL’s founders and the accompanying capital injection considerably strengthened our financial position and gave us more flexibility for upcoming expansion initiatives. As evidence of their faith and confidence in the business, our long-term investors’ unshakable commitment to IWL stands.
Inox Wind is a component of the $5 billion INOXGFL Group, which mainly concentrates on chemicals and renewable energy. Inox Wind is a supplier of wind energy that works with IPPs, utilities, businesses, and PSU investors.
Four cutting-edge manufacturing facilities owned by the corporation are located in Gujarat, Himachal Pradesh, and Madhya Pradesh. Blades and tubular towers are produced in the factories in Gujarat, located close to Ahmedabad, and Madhya Pradesh, located in Barwani. Hubs and nacelles are produced in the Bhuj facility in Gujarat and the Una plant in Himachal Pradesh.
The annual production capacity of Inox Wind is 1,600 MW.
On Wednesday, the company’s shares on the BSE finished at Rs 198.45, down 1.34 percent.
