Inox Wind Stake Sale: Promoter Divests 4.6% for Rs 904 Crore

In a significant move within the renewable energy sector, Inox Wind Energy, a key promoter of Inox Wind Ltd, has offloaded a 4.6 per cent stake in the company, garnering Rs 904 crore through open market transactions. This development underscores the dynamic shifts in shareholding patterns within India's leading wind energy solutions provider, Inox Wind Ltd, which operates under the umbrella of Inox Wind Energy Ltd (IWEL).

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The transaction involved the sale of 6 crore shares on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), effectively reducing Inox Wind Energy's stake in the Noida-based Inox Wind Ltd from 38.43 per cent to 33.83 per cent. Concurrently, this sale also brought down the combined promoters' stake from 52.87 per cent to 48.27 per cent.

Following the announcement, shares of Inox Wind experienced a significant drop, closing 10 per cent lower at Rs 147.65 and Rs 147.75 on the BSE and NSE, respectively. The shares were sold at prices ranging between Rs 150.58 and Rs 152.52 per share, culminating in a total transaction value of Rs 904.45 crore.

Notably, among the buyers of Inox Wind's shares on the NSE were prominent financial institutions such as BNP Paribas Arbitrage, Goldman Sachs Singapore Pte, Morgan Stanley Asia Singapore, and Okoworld Okovision Classic. However, details regarding the buyers on the BSE remain undisclosed.

This stake sale comes on the heels of Inox Wind's recent allotment of an additional 97.78 crore fully paid-up bonus equity shares to its stakeholders, which has expanded its paid-up equity capital to approximately 130.37 crore shares.

The INOXGFL Group, with its diversified interests in chemicals and renewable energy, includes four listed entities: Gujarat Flourochemicals Ltd, Inox Wind Ltd, Inox Green Energy Services Ltd, and Inox Wind Energy Ltd. This strategic divestment by IWEL highlights the group's ongoing adjustments within its portfolio.

Earlier in May, Inox Wind Ltd reported a consolidated profit of Rs 36.72 crore for the March quarter of FY24, marking a significant turnaround from a net loss of Rs 119.04 crore in the same quarter of the previous fiscal year. This financial recovery was primarily driven by an impressive surge in total income to Rs 563.07 crore from Rs 193.83 crore year-on-year.

The transaction not only reflects IWEL's strategic realignment within its investment portfolio but also signals robust investor interest in India's renewable energy sector, underscored by participation from global financial giants in the stake acquisition.