Inox Wind to become net debt-free after ₹900 cr capital infusion, stock rise over 14%

In a stock exchange notification on Thursday, Inox Wind announced the completion of its promoter, Inox Wind Energy Ltd (IWEL), fund infusion.

The funds were raised by IWEL on May 28, 2024, through the sale of equity shares of IWL through block deals on the stock exchanges, witnessing the participation of several marquee investors.

The company informed the bourses that the funds will be used by Inox Wind to completely pare down its external term debt and achieve a net debt-free status (excluding promoter debt).

Commenting on the development, Inox Wind CEO Kailash Tarachandani said, “This fund infusion will help us become a net debt-free company, strengthen our balance sheet, and accelerate our growth. We expect substantial savings in interest expenses going ahead, aiding our profitability further.”

“With all the building blocks in place, be it our execution capabilities, state-of-the-art technological offerings, financial strength, robust order book and a large order pipeline, we are geared up to embark on a substantial growth journey ahead,” Tarachandani added.

On Thursday, the Inox Wind stock jumped as much as 14.4% to hit an intra-day high of ₹163 apiece on the NSE. Inox Wind shares have skyrocketed a whopping 300% in the past one year.

Inox Wind is a fully integrated player in the wind energy market with four manufacturing Plants in Gujarat, Himachal Pradesh and Madhya Pradesh. The company’s subsidiary, Inox Green Energy Services Ltd, is the only listed wind O&M (operations and maintenance) services provider in India.

Inox Wind shares are trading at ₹162.1 apiece, up 13.77%, on the NSE at 10:50 am.