The funds were raised by way of equity share sale of IWL by its promoter and promoter group entities through block deals on the stock exchanges. The funds will be utilized for the repayment of IWL's existing debt.

Kailash Tarachandani, the CEO of Inox Wind, stated: "The recent fundraising initiative led by IWL's promoters and the subsequent capital infusion significantly reinforces our financial strength and empowers us with enhanced flexibility for future growth endeavours.”

Inox Wind is a fully integrated player in the wind energy market with three manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh.

The company had reported a consolidated net loss of Rs 36.80 crore in the quarter ended June 2023 as against net loss of Rs 67.80 crore during the previous quarter ended June 2022. Sales rose 65.51% to Rs 349.50 crore in Q1 FY24 over Q1 FY23.

The scrip fell 1.44% to currently trade at Rs 195.60 on the BSE.