Inox Wind Energy raises ₹900 crore via sale of IWL shares, latter falls over 6%

Shares of Inox Wind Energy were trading over 3.6% lower on Wednesday morning while Inox Wind stock was down over 6%.

Inox Wind Energy said the transaction witnessed participation by several marquee institutional investors. The funds raised are proposed to be infused into Inox Wind to pare down its debt and augment the working capital needs of the company and strengthen its balance sheet further, the firm stated.

Goldman Sachs (Singapore) Pte, Morgan Stanley Asia Singapore Pte, Okoworld Okovision Classic, and BNP Paribas Arbitrage were some of the buyers as listed on the National Stock Exchange.

Recently, Inox Wind’s board of directors proposed the issuance of bonus shares in a 3:1 ratio. This means investors received three bonus equity shares for every single existing equity share out of the accumulated reserves of the company.

The issuance of bonus shares will bolster the capital base of the company without any cash outflow and will also enhance the liquidity of its shares, broadening participation of a wider set of investors, it said.

During the fourth quarter of fiscal year 2024, Inox Wind announced a consolidated net profit of ₹38 crore as compared to a net loss of ₹115 crore in the same period of the previous fiscal.

Revenue from operations rose 176% year-on-year (YoY) to ₹528 crore during the quarter. Earnings before interest, tax, depreciation, and amortisation (EBITDA) during the quarter stood at ₹140 crore as compared to an EBITDA loss of ₹25 crore in Q4FY23.

Shares of Inox Wind have gained over 5% since the beginning of the year. The stock has gained nearly 312% in the last one year.