Inox Wind shares zoom over 10%, co to turn debt free after Rs 900 crore infusion

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Shares of India’s leading wind energy solutions provider Inox Wind on Thursday rallied 10.5% to the day's high of Rs 157.25 on BSE on announcing that it will turn net debt-free following the completion of the infusion of Rs 900 crore into the company by its promoter Inox Wind Energy Limited (IWEL).

"The funds were raised by IWEL on May 28, 2024, through the sale of equity shares of IWL through block deals on the stock exchanges, witnessing the participation of several marquee investors. The funds will be utilised by IWL to completely pare down its external term debt to achieve a net debt-free status," Inox Wind said in a press release.

Shares of the company have grown 284% in the last one year amid industry tailwinds.

"This fund infusion will help us become a net debt-free company, strengthening our balance sheet and help accelerate our growth. We expect substantial savings in interest expenses going ahead, aiding our profitability further. With all the building blocks in place, be it our execution capabilities, state-of-the-art technological offerings, financial strength, robust order book and a large order pipeline, we are geared up to embark on a substantial growth journey ahead," Inox Wind CEO Kailash Tarachandani said.

Inox Wind 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, where Blades,Tubular Towers, as well as Hubs & Nacelles, are manufactured. With its state-of-the-art 3 MW series WTG offering, IWL’s manufacturing capacity stands at ~ 2.5 GW per annum. IWL’s subsidiary, Inox Green Energy Services Ltd., is the only listed wind O&M services company in India, having a strong portfolio of >3.2GW and a multifold growth path ahead.

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