 "Inox Wind surges 15% as promoter completes Rs 900 crore fund infusion")
Inox Wind stock zooms: Shares of Inox Wind (IWL), wind energy solutions provider, surged 15 per cent to Rs 164 on the BSE in Thursday’s intra-day trade amid heavy volumes after its promoter, Inox Wind Energy (IWEL), completed Rs 900 crore fund infusion in the company.
The funds were raised by IWEL on May 28, 2024 through sale of equity shares of IWL via block deals on the stock exchanges, which saw participation of several marquee investors, the company said.
The funds will be utilised to completely pare down its external term debt to achieve a net debt free status (excluding promoter debt), Inox Wind added.
At 10:54 AM, IWL was trading 12 per cent higher at Rs 159.95, as compared to 0.16 per cent rise in the BSE Sensex. The average trading volumes on the counter jumped over four-fold. A combined 48.28 million shares representing 3.7 per cent of total equity of IWL changing hands on the NSE and BSE. The stock had hit a 52-week high of Rs 177 on May 27.
Last month, CRISIL had upgraded both its long-term and short-term ratings of the IWL’s banking facilities.
The company said CRISIL’s rating upgrade reflects the improvement in company’s business risk profile on account of substantial improvement in operating performance.
Further, it notes that the company’s deleveraging efforts through equity raise significantly improves its financial risk profile. Going ahead, a healthy net order book of 2.7 GW as of May 31, 2024 provides large revenue growth visibility and sustained profitability for the company, supported by policy tailwinds in the wind sector.
Also Read
Inox Wind is India’s leading wind energy solutions provider servicing IPPs, Utilities, PSUs & Corporate investors. With 3 MW series wind turbine generator (WTG) offering, IWL’s manufacturing capacity stands at approximately 2.5 GW per annum.
Furthermore, IWL offers complete end-to-end wind energy solutions from concept to commissioning to O&M, manufacturing key components of WTGs, using the most advanced technology, in-house, to maintain high quality, reliability and cost competitiveness.
With strong promoter backing, healthy balance sheet, robust stakeholder relationships, and bright macro prospects, IWL is embarking on an exciting journey of growth and profitability.
With strong promoter backing, healthy balance sheet, robust stakeholder relationships, and bright macro prospects, IWL is embarking on an exciting journey of growth and profitability.