|
Inox Wind Energy completes infusion of Rs 800 crore into Inox Wind into the company by its promoter Inox Wind Energy (IWEL). On 31 October 2023, IWL's promoter, IWEL, completed the successful fund raise of Rs 800 crore through an equity share sale of IWL on the stock exchanges, facilitated via block deals, witnessing participation of several long-only foreign and domestic investors. The funds received will be utilized to repay IWL's existing debt.
Kailash Tarachandani, the CEO of Inox Wind, remarked, "The recent round of fundraising by IWL's promoter and the subsequent capital infusion into IWL is another significant step towards our stated objective of becoming a net-debt free company. The ongoing ramp up of our operations, technological upgrade to the globally established 3.3 MW WTGs and our strong financial position will help us embark on a robust growth journey, aided by the macro tailwinds."
Inox Wind is India's leading wind energy solutions provider servicing IPPs, utilities, PSUs & corporate investors. It is a fully integrated player in the wind energy market with three manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh.
On a consolidated basis, Inox Wind reported net loss of Rs 24.12 crore in Q2 September 2023 as against net loss of Rs 132.87 crore in Q2 September 2022. Net sales rose 246.04% YoY to Rs 370.64 crore in Q2 September 2023.
Shares of Inox Wind rose 2.79% to Rs 287.85 on 2 December 2023.
|