Inox Wind Ltd repays Gujarat Fluorochemicals Ltd Rs. 623 Crores against advances

Promoters of Inox Wind, India's leading wind energy solutions provider, have infused Rs. 623 Crores in Inox Wind Ltd. The Board had given its accord on 30th August, 2022 to raise funds (upto Rs. 800 Crore by way of issuance of 0.01% Non-Convertible Non-Cumulative Participating Redeemable Preference Shares on private placement basis, to 'Promoter/ Promoter Group' entities) which was consequently approved in the AGM.

Further, Inox Wind has used these funds to repay GFL the advances (net off wind capacity expected to be commissioned) it had received for setting up the wind power capacity. This is in line with the stated vision of the InoxGFL Group to achieve zero net debt across all their operating entities.

Commenting on the occasion Mr. Kailash Tarachandani, CEO of IWL, said "The fund infusion of Rs. 623 Crores by promoters along with Rs. 740 Crs recently raised through the IPO of Inox Wind's Subsidiary Inox Green Energy Services Limited, will help the company pare down its consolidated interest-bearing liabilities substantially and help improve the profitability of both the operating companies significantly. The turnaround in the wind sector led by the government's initiatives to provide impetus to the sector will augur well in accelerating the company's growth. This fund infusion by the promoters signals a strong conviction and faith that the promoters have on us and we are equally motivated to deliver on their trust and confidence on us."

Shares of Inox Wind Limited was last trading in BSE at Rs. 123.80 as compared to the previous close of Rs. 124.65. The total number of shares traded during the day was 39870 in over 883 trades.

The stock hit an intraday high of Rs. 125.80 and intraday low of 121.90. The net turnover during the day was Rs. 4935307.00.

Source : Equity Bulls

Keywords

InoxWind INE066P01011 FundInfusion Promoters DebtRepayment GujaratFluorochemicals