 "Inox Wind's Board approves fund raising of upto Rs. 800 Crores")
Wind energy solutions provider Inox Wind on Thursday said its promoter and promoter group entities have infused Rs 500 crore in the company for debt repayment.
The funds were raised by way of equity share sale of Inox Wind by its promoter and promoter group entities through block deals on the stock exchanges, a regulatory filing said.
The funds will be utilized for the repayment of IWL's existing debt, it added.
"Inox Wind announced the infusion of Rs 500 crores (before taxes and other charges) by its promoter and promoter group entities," it said.
This strategic move marks a significant milestone in Inox Wind's journey towards financial sustainability, it stressed.
Kailash Tarachandani, the CEO of Inox Wind, said "the recent fundraising initiative led by IWL's 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 part of the USD five billion INOXGFL Group.
The group has a legacy of over nine decades and is primarily focused on two business verticals - chemicals and renewable energy.
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