Inox Wind Ltd shares surge to 52-week high on promoters Rs 800 crore infusion

Inox Wind Ltd shares surged to a 52-week high before closing with sharp gains of more than 15 per cent on Monday after the company announced that its promoter Inox Wind Energy has infused around Rs 800 crore into the company to pare debt.Inox Wind Energy Ltd shares also surged by 9 per cent.

Representative image

Inox Wind Ltd Shares Hit 52-Week High

Inox Wind Ltd surged by around 16 per cent to hit a 52-week high of Rs 340.95 on BSE. Later, the stock closed higher by 15.41 per cent at Rs 332.20 on BSE. Around 5 lakh shares changed hands on the bourse.Meanwhile, shares of Inox Wind Energy zoomed 8.64 per cent to end at Rs 4,212 apiece on the NSE, while the scrip of the company surged 7.51 per cent to settle at Rs 4,187.87 per piece on the BSE.

Inox Wind Energy Infuses Rs 800 Crore

In a regulatory filing on Monday, Inox Wind Energy Ltd IWEL has infused Rs 800 crore into Inox Wind Ltd IWL and the subsidiary company will utilise the amount to clear a portion of its outstanding debt.IWEL had earlier raised Rs 800 crore through the sale of equity shares of Inox Wind through block deals on the stock exchanges.

About INOXGFL Group

INOXGFL Group is operating across two key verticals -- chemicals and renewable energy. It has four listed entities namely Gujarat Fluorochemicals Ltd GFL, Inox Wind Ltd, Inox Green Energy Services Ltd, and Inox Wind Energy Ltd.Inox Wind Energy Ltd engages in the business of generation and sale of wind energy, providing services for Erection, Procurement and Commissioning EPC of wind farms and holding strategic business interest in renewable energy.

The infusion of Rs 800 crore by Inox Wind Energy Ltd into Inox Wind Ltd has led to a significant increase in the share prices of both companies. This development is expected to help Inox Wind Ltd reduce its debt and improve its financial position.