 "Inox Wind's Board approves fund raising of upto Rs. 800 Crores")
Shares of Inox Wind (IWL) hit over seven-year high at Rs 328.20, as they soared 14 per cent on the BSE in Monday’s intra-day trade after the company announced completion of infusion of around Rs. 800 crore (before taxes and fees) into the company by its promoter Inox Wind Energy Limited (IWEL).
Shares of IWL were trading at its highest level since January 2016. It had hit a record high of Rs 494.40 in April 2015. In the past one month, the stock price of the company has zoomed 53 per cent. While, since April, thus far in the financial year 2023-24, it has zoomed 251 per cent from level of Rs 93.40 on the BSE.
Meanwhile, shares of IWEL hit a new high of Rs 4,200, as they rallied 8 per cent on the BSE. In past one month, it has surged 39 per cent; and zoomed 282 per cent since April.
On October 31, 2023, IWL’s promoter, IWEL, completed the successful fundraise of around Rs 800 crore through an equity share sale of IWL on the stock exchanges, facilitated via block deals, witnessing participation of several marquee long-only foreign and domestic investors. The funds received will be utilized to repay IWL’s existing debt.
This strategic action marks another significant milestone in IWL's journey towards financial sustainability and profitability.
The recent round of fundraising by IWL's promoter and the subsequent capital infusion into IWL is another significant step towards our stated objective of becoming a net-debt free company, the management of the company said in an exchange filing.
The ongoing ramp up of IWL’s operations, technological upgrades to the globally established 3.3 MW WTGs and strong financial position will help the company embark on a robust growth journey, aided by the macro tailwinds, the management said.
Part of INOX GFL Group, IWL is India's leading wind energy solutions provider servicing independent power producers (IPPs), utilities, public sector units (PSUs) and corporate investors. Besides manufacturing and supply of Wind Turbine Generators (WTGs), IWL offers services including wind resource assessment, site acquisition, infrastructure development, erection and commissioning, and long-term O&M of wind power projects.
Meanwhile, last month the rating agency CRISIL upgraded its ratings on IWL with a stable outlook.
"CRISIL has upgraded its ratings from CRISIL BBB+ to CRISIL A- (long term rating), CRISIL A2 to CRISIL A2+ (short term ratings) with stable outlook in relation to ratings of its banking facilities," the company had said in a regulatory filing.
CRISIL 's rationale for upgrading IWL’s ratings reflects the steps undertaken by the promoters in fiscal 2024 to reduce debt, leading to significant improvement in the financial risk profile, improvement in the business risk profile which the company has demonstrated by delivering significant improvement in operating performance in the first half of fiscal 2024 and commercialisation of the 3.3 megawatt (MW) turbine.
The upgrade in ratings also reflects IWL’s market position, focus on cost efficiencies, healthy order book and robust execution capabilities, CRISIL said.
Shares of IWL were trading at its highest level since January 2016. It had hit a record high of Rs 494.40 in April 2015. In the past one month, the stock price of the company has zoomed 53 per cent. While, since April, thus far in the financial year 2023-24, it has zoomed 251 per cent from level of Rs 93.40 on the BSE.
Meanwhile, shares of IWEL hit a new high of Rs 4,200, as they rallied 8 per cent on the BSE. In past one month, it has surged 39 per cent; and zoomed 282 per cent since April.
On October 31, 2023, IWL’s promoter, IWEL, completed the successful fundraise of around Rs 800 crore through an equity share sale of IWL on the stock exchanges, facilitated via block deals, witnessing participation of several marquee long-only foreign and domestic investors. The funds received will be utilized to repay IWL’s existing debt.
This strategic action marks another significant milestone in IWL's journey towards financial sustainability and profitability.
The recent round of fundraising by IWL's promoter and the subsequent capital infusion into IWL is another significant step towards our stated objective of becoming a net-debt free company, the management of the company said in an exchange filing.
The ongoing ramp up of IWL’s operations, technological upgrades to the globally established 3.3 MW WTGs and strong financial position will help the company embark on a robust growth journey, aided by the macro tailwinds, the management said.
Part of INOX GFL Group, IWL is India's leading wind energy solutions provider servicing independent power producers (IPPs), utilities, public sector units (PSUs) and corporate investors. Besides manufacturing and supply of Wind Turbine Generators (WTGs), IWL offers services including wind resource assessment, site acquisition, infrastructure development, erection and commissioning, and long-term O&M of wind power projects.
Meanwhile, last month the rating agency CRISIL upgraded its ratings on IWL with a stable outlook.
"CRISIL has upgraded its ratings from CRISIL BBB+ to CRISIL A- (long term rating), CRISIL A2 to CRISIL A2+ (short term ratings) with stable outlook in relation to ratings of its banking facilities," the company had said in a regulatory filing.
CRISIL 's rationale for upgrading IWL’s ratings reflects the steps undertaken by the promoters in fiscal 2024 to reduce debt, leading to significant improvement in the financial risk profile, improvement in the business risk profile which the company has demonstrated by delivering significant improvement in operating performance in the first half of fiscal 2024 and commercialisation of the 3.3 megawatt (MW) turbine.
The upgrade in ratings also reflects IWL’s market position, focus on cost efficiencies, healthy order book and robust execution capabilities, CRISIL said.
