Reading Time: 1 minutes
INOXGFL Group, a prominent Indian conglomerate declared the successful completion of the equity share sale of Inox Wind Limited by its promoter and affiliated entities. By executing a block deal on the stock exchanges, these entities have generated approximately Rs. 500 Crore. The funds will be strategically infused into Inox Wind Limited, to repay the company’s existing debt. This strategic move will lead to a strong balance sheet, enhancing the financial robustness of the company.
Speaking about the development, Mr. Devansh Jain, Executive Director of INOXGFL Group, said, “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.”
Mr. Jain also remarked, “The unwavering faith in our renewable business has fueled the promoter group’s steadfast support, even during challenging times. The participation of long-term investors in this fundraise today serves as a powerful endorsement of our business’ immense potential. As we enter this new phase, Inox Wind Limited is primed for an exciting journey of growth, underpinned by India’s Renewable Energy Targets, as well as our strong balance sheet, execution capabilities and unwavering promoter backing. All our stakeholders, including bankers, have been resolute in their support throughout our 13-year of operations, and have committed to continue their support in our exciting journey ahead.”
