Inox Wind promoters allocate Rs500 crore to clear debt
17 Aug 2023
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Inox Wind Ltd, a leading provider of wind energy solutions, announced that its promoter and entities within the promoter group have contributed Rs 500 crore to the company for the purpose of repaying debt.
According to a regulatory filing, the funds were generated through the sale by its promoter of equity shares of Inox Wind through block deals on the stock exchanges. It was further noted that these funds will be used for the purpose of settling Inox Wind’s current debt.
The company said that this action would bring Inox Wind on the path towards achieving financial sustainability.
“The recent fundraising effort spearheaded by IWL’s promoters, followed by the subsequent injection of capital, profoundly bolsters our financial robustness and bestows us with greater maneuverability for upcoming expansion initiatives,” stated Kailash Tarachandani, CEO of Inox Wind.
Inox Wind is part of the INOXGFL Group, which has been engaged mainly in two business sectors: chemicals and renewable energy.
