Inox Wind Ltd receives Rs 500 crore raised by promoter entities via sale of equity shares

Inox Wind Limited (IWL), India's leading provider of wind energy solutions, stated that its promoter and promoter group companies have infused Rs 500 crores (before taxes and other charges). 

The funds were raised through the selling of equity shares in IWL by its promoter and promoter group companies in block deals on the stock exchanges. The funds raised will be used to repay current debts at IWL.

"Inox Wind announced the infusion of Rs 500 crores (before taxes and other charges) by its promoter and promoter group entities," it said.

This strategic move marks a significant milestone in Inox Wind's journey towards financial sustainability, it stressed. Kailash Tarachandani, the CEO of Inox Wind, said "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 part of the $5 billion INOXGFL Group. The company has a nine-decade history and is largely focused on two business sectors: chemicals and renewable energy.

Source: Media Reports