Inox Wind Limited incorporates subsidiary to develop wind farms, share up 2%

In a filing on June 28, Inox Wind informed the exchange that it had incorporated a wholly-owned subsidiary, Pokhran Wind Energy Private Limited on June 25. The new entity has been incorporated as a special purpose vehicle (SPV) to develop wind farms in India.

The subsidiary has an authorised and paid-up capital of ₹1 lakh and is registered with the Registrar of Companies, Gujarat at Ahmedabad. The firm is yet to commence its business operations, the filing read.

Inox Wind will make an initial subscription of ₹1,00,000, divided into 10,000 equity shares of ₹101 each, in the subsidiary company.

Shares of Inox Wind Ltd closed 1.26% higher at ₹141.88 on NSE.

Earlier on May 31, Inox Wind Limited informed the exchanges about raising funds via the sale of shares by the company’s promoter Inox Wind Energy Limited (IWEL).

The promoter conducted block deals on May 28 to offload its shares. Inox Wind said that the money will be infused in IWL through the issuance of 0.01% Non-Convertible Non-Cumulative Participating Redeemable Preference Shares (NCPRPS) to IWEL.

The company mentioned that the funds will be utilised to completely pare down IWL’s external debt and augment the working capital needs, strengthening its balance sheet further.

Inox Wind Ltd. is a fully integrated player in the wind energy market. The company manufactures key components for the industry and has manufacturing plants near Ahmedabad, Gujarat, and Una, Himachal Pradesh.