Inox Wind Energy Soars 7%, Trades 52-Week High On Rs 500 Cr-Equity Share Sale

Shares of Inox Wind Energy witnessed a rally of nearly 7% and traded new 52-week high in trade on Wednesday on BSE after the company sold Rs 500 crore of equity shares of its subsidiary, Inox Wind via block deal to institutional investors. Meanwhile, Inox Wind Energy shares rallied 132% in last 3-months and soared 449% in last 1-year.

According to the BSE filing of Inox Wind Energy dated August 9, 2023, "Inox Wind's 'Promoter/ Promoter Group' entities successfully raised ~ Rs. 500 Crores through sale of equity shares of the Company through block deals on the stock exchanges. The funds raised are proposed to be infused into Inox Wind and proposed to be utilized for the repayment of Inox Wind's existing debt."

Devansh Jain, Executive Director of INOXGFL Group, expressed his enthusiasm, stating, "The remarkable response to our equity share sale is a testament to the unwavering confidence which investors have in our company's future prospects. These funds will reduce our debt, provide greater financial flexibility, unlock a plethora of new expansion opportunities, and is a significant step in the company's path towards becoming net-debt free."

Current market price of Inox Wind Energy Ltd share is Rs 2915.30 apiece with intraday rally of 3.30% on BSE. Inox Wind Energy shares opened at Rs 2897.65 apiece, touched day's high of Rs 3050.00 apiece, and day's low of Rs 2890.00 apiece on BSE. Its 52-week high price is Rs 3050.00 per share and 52-week low price is Rs 501.15 per share, respectively. It has a market capitalisation of Rs 3271.30 crore.

Inox Wind Energy shares delivered 132% return in last 3-months, witnessed 207% gain in last 6-months, and rallied 449% in last 1-year.

The INOXGFL Group operates across two key verticals - Chemicals Business and Renewable Energy Business - the Group's unwavering commitment to innovation and sustainability has solidified its position as a premier business group. Comprising four listed entities - Gujarat Fluorochemicals Limited (GFL), Inox Wind Limited, Inox Green Energy Services Limited, and Inox Wind Energy Limited, the Group is commanding a substantial market capitalization of ~ US$ 5 billion.