 "Inox Wind to become a debt-free company after promoter infuses Rs 900 cr")
Inox Wind Ltd on Thursday said its promoter Inox Wind Energy (IWEL) has infused Rs 900 crore into the company, following which the wind energy solutions provider will become a net debt-free company.
In a statement Inox Wind Ltd (IWL) on Thursday announced the completion of infusion of Rs 900 crore into the company by its promoter Inox Wind Energy Ltd (IWEL).
"This fund infusion will help us become a net debt-free company, strengthening our balance sheet and help accelerate our growth. We expect substantial savings in interest expenses going ahead, aiding our profitability further," Kailash Tarachandani, CEO of Inox Wind said.
The funds were raised by the IWEL on May 28, 2024, through sale of equity shares of IWL through block deals on the stock exchanges, witnessing participation of several marquee investors, as per the company statement.
The funds will be utilised by Inox Wind Ltd to completely pare down its external term debt to achieve a net debt-free status, it added.
Net Debt is a metric that determines how well a company can repay all of its debt it was due immediately.
"Net debt free status is excluding promoter debt," Inox Wind said.