Top Stories

Inox Wind Energy raises ₹800 crore through sale of equity shares of Inox Wind

Nov 1, 2023

By: BlinkX Research Team

According to a regulatory filing, Inox Wind Energy Ltd (IWEL) has raised ₹800 crore through the sale of Inox Wind equity shares.

The INOXGFL Group stated in a BSE statement that the sale was completed through block deals on the stock exchanges.

"IWEL, the promoter of Inox Wind Ltd (IWL), successfully raised Rs 800 crore through sale of equity shares of Inox Wind via block deals on the stock exchanges," it said.

A major step towards becoming net debt free will be taken when the generated monies are reinvested in IWL and used to pay off its external debt. 

The transaction witnessed strong participation across long-only domestic and foreign institutional investors, it said.

Devansh Jain, Executive Director of INOXGFL Group, said "With today's transaction, we have taken a large step towards our goal of achieving a net debt-free status for Inox Wind Ltd. As Inox Wind embarks on its next phase of growth, underpinned by India's renewable energy targets, its robust financial position, and strong execution capabilities, we have ensured that all the levers required to scale up operations are in place."