Inox Wind Energy Limited (IWEL) has successfully concluded an equity share sale of Inox Wind Limited, a subsidiary of the INOXGFL Group. The equity share sale has raised approximately ₹800 crore, marking a significant step towards achieving a zero net-debt status for Inox Wind Limited.
The transaction was executed through block deals on stock exchanges and garnered participation from several prominent long-only domestic and foreign institutional investors. The funds raised through this strategic move will be injected into Inox Wind Ltd, with the primary objective of reducing Inox Wind’s external debt, thereby fortifying its financial position.
Mr. Devansh Jain, Executive Director of the INOXGFL Group, expressed his thoughts on this development, stating, “With today’s transaction, we have taken a significant stride towards realizing our goal of making Inox Wind Ltd debt-free. We extend our gratitude to all the investors who have actively participated and displayed their confidence in Inox Wind’s promising growth prospects. As Inox Wind enters its next growth phase, supported by India’s Renewable Energy targets, a robust financial foundation, and exceptional execution capabilities, we have ensured that all the necessary mechanisms are in place to elevate our operations. Inox Wind remains dedicated to playing a pivotal role in India’s sustainable growth journey.”
Following the sale of 3,83,62,000 equity shares of the company by Inox Wind Energy Limited (IWEL), the promoter and holding company, amounting to ₹800 Crores through block deals on the stock exchange on October 31, 2023, IWEL’s shareholding in the Company decreased from 50.20% to 38.43%. Consequently, IWEL no longer retains its status as the holding company of Inox Wind Limited, effective from October 31, 2023. Subsequent to this transaction, the “Promoter/Promoter Group” shareholding in Inox Wind Limited has reduced from 64.64% to 52.87%.
This strategic equity share sale not only infuses capital into Inox Wind Limited but also signifies the company’s commitment to achieving a robust financial position and pursuing sustainable growth in line with India’s renewable energy goals. It positions Inox Wind as a formidable player in the renewable energy sector, ready to contribute to India’s clean energy journey.