Midcap Electrical Stock Falls Over 3% As Company Announced Infusion Of Rs 500 Cr By Promoter Entity

Inox Wind Ltd. shares on Thursday falls over 3% after the Board in a filing announced an infusion of Rs 500 Crore by its promoters and promoter group entities. Inox Wind is a midcap heavy electrical equipment industry company. The company has a market cap of Rs 6,294..07 Crore.

"Inox Wind Limited (IWL), India's leading wind energy solutions provider, today announced the infusion of ~ Rs. 500 Crores (before taxes and other charges) by its promoter and promoter group entities," the company said in a press release.

It added, "This strategic move marks a significant milestone in IWL's journey towards financial sustainability. The funds were raised by way of equity share sale of IWL by its promoter and promoter group entities through block deals on the stock exchanges. The funds will be utilized for the repayment of IWL's existing debt."

At the time of writing, the stock is trading at Rs 193.10 per share, 2.70% lower from its previous close. It hit intraday highs and lows of Rs 204.30 and Rs 192.35 on BSE, respectively. It declined 10.96% in 1 week, and jumped 100.73% in 6 months.

Mr. Kailash Tarachandani, the CEO of Inox Wind, on this pivotal development, stated, "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. The unwavering commitment, which our long-term investors have shown in IWL, stands as a testament to their trust and confidence in the company."

About - Inox Wind Ltd.

Inox Wind Limited (IWL) is India's leading wind energy solutions provider servicing IPPs, Utilities, PSUs & Corporate investors. IWL is a part of the USD ~ 5 BN INOXGFL Group, the group has a legacy of over nine decades and is primarily focused on two business verticals - chemicals and renewable energy. IWL is a fully integrated player in the wind energy market with four state-of-the-art manufacturing Plants in Gujarat, Himachal Pradesh and Madhya Pradesh.