Inox Wind said that its board had "considered and approved raising of funds by way of issuance of 0.01% Non-Convertible Non-Cumulative Participating Redeemable Preference Shares of Rs 10 face value.
The funds were raised by way of equity share sale of IWL by its promoter and promoter group entities through block deals on the stock exchanges. The funds will be utilized for the repayment of IWLs existing debt.Kailash Tarachandani, the CEO of Inox Wind, stated: The recent fundraising initiative led by IWLs promoters and the subsequent capital infusion significantly reinforces our financial strength and empowers us with enhanced flexibility for future growth endeavours.”Inox Wind is a fully integrated player in the wind energy market with three manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh.The company had reported a consolidated net loss of Rs 36.80 crore in the quarter ended June 2023 as against net loss of Rs 67.80 crore during the previous quarter ended June 2022. Sales rose 65.51% to Rs 349.50 crore in Q1 FY24 over Q1 FY23.The scrip fell 1.44% to currently trade at Rs 195.60 on the BSE.
Inox Wind (IWL) today announced the infusion of Rs. 500 crore (before taxes and other charges) by its promoter and promoter group entities. This strategic move marks a significant milestone in IWLs journey towards financial sustainability. The funds were raised by way of equity share sale of IWL by its promoter and promoter group entities through block deals on the stock exchanges. The funds will be utilized for the repayment of IWLs existing debt.
A block deal worth Rs 500 crore is expected to be executed by the promoter entity of Inox Wind to trim its stakeholding in the company. The offer price for the deal will be at a maximum discount of 5 percent.