Noida : INOXGFL Group, one of India’s leading conglomerates, announces the successful conclusion of equity share sale of Inox Wind Limited by its promoter and promoter group entities. Through a well-executed block deal on the stock exchanges, these entities have effectively raised Rs.500 Crore. The funds raised are proposed to be strategically infused in Inox Wind Limited, which in turn is proposed to be utilized for the repayment of Inox Wind’s existing debt. This will result in strengthening of the balance sheet, enhancing both the company’s financial strength and growth prospects.
Inox Wind surged 0.24% to Rs. 225.55 on August 9. The stock had surged 5% to 52-week high to Rs.224.35 on 8th August.
Mr. Devansh Jain, Executive Director of INOXGFL Group, expressed his enthusiasm, stating, “The remarkable response to our equity share sale is a testament to the unwavering confidence which investors have in our company’s future prospects. These funds will reduce our debt, provide greater financial flexibility, unlock a plethora of new expansion opportunities, and is a significant step in the company’s path towards becoming net-debt free.”
Reflecting on this significant achievement, Mr. Jain remarked, “The unwavering faith in our renewable business has fueled the promoter group’s steadfast support, even during challenging times. The participation of long-term investors in this fundraise today serves as a powerful endorsement of our business’ immense potential. As we enter this new phase, Inox Wind Limited is primed for an exciting journey of growth, underpinned by India’s Renewable Energy Targets, as well as our strong balance sheet, execution capabilities and unwavering promoter backing. All our stakeholders, including bankers, have been resolute in their support throughout our 13-year of operations, and have committed to continue their support in our exciting journey ahead.”