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Inox Wind Limited (IWL), a leading wind energy solutions provider in India, announced that its Board of Directors has approved a plan to raise funds during their meeting on May 31, 2024. Subject to shareholder and regulatory approvals, the proceeds from Inox Wind Energy Limited’s (IWEL) block sale of IWL shares on May 28, 2024, will be infused into IWL through the issuance of 0.01% Non-Convertible Non-Cumulative Participating Redeemable Preference Shares (NCPRPS) to IWEL. The funds will be used to fully repay external debt and enhance working capital, further strengthening IWL’s balance sheet.
Mr. Devansh Jain, Executive Director of INOXGFL Group, said “We are pleased to announce that post the completion of our fund-raising exercise at IWEL earlier this week, where we successfully raised ~ Rs 900 crores from marquee investors, IWL has received the board approval for the infusion of the said funds into IWL. This is another milestone event for the INOXGFL Group in its remarkable journey over the last few years. Post the fund infusion, IWL will become net debt free, excluding promoter debt. We thank all our investors who have shown their faith in the growth story of IWL. INOXGFL Group’s commitment and contribution to India’s sustainable growth story will only grow stronger from here.”
