Business Update31 May 2024, 11:30 pm
Inox Wind Limited to Receive Rs. 900 Crores from Promoter Inox Wind Energy Limited
AI Summary
Inox Wind Limited (IWL), India’s leading wind energy solutions provider, announced that its Board of Directors has approved the raising of funds in the company. The proceeds from the sale of IWL shares by IWL’s promoter Inox Wind Energy Limited (IWEL) via block deals on the stock exchanges on 28th May, 2024, will be infused in IWL by way of issuance of 0.01% Non-Convertible Non-Cumulative Participating Redeemable Preference Shares to IWEL. The funds will be utilised by IWL to completely pare down its external debt and augment the working capital needs, strengthening its balance sheet further. Post the fund infusion, IWL will become net debt free, excluding promoter debt.
Key Highlights
- Inox Wind Limited (IWL) to receive Rs. 900 Crores from its promoter, Inox Wind Energy Limited (IWEL).
- The funds will be used to pare down IWL’s net external debt and augment its working capital requirements.
- IWL will become net debt free, excluding promoter debt, post the fund infusion.
- IWL is a leading wind energy solutions provider in India, with a manufacturing capacity of ~ 2.5 GW per annum.
- Inox Green Energy Services Ltd., IWL’s subsidiary, is the only listed wind O&M services company in India, having a strong portfolio of >3.2GW.