Inox Wind Shares Surge 14% After Promoter Infusion

New Delhi, Jul 4 (PTI) Shares of Inox Wind surged more than 14 per cent in the morning trade on Thursday after the wind energy service provider said its promoter Inox Wind Energy has infused Rs 900 crore into the company.

The scrip of the company soared 14.45 per cent to trade at Rs 163.07 apiece on the National Stock Exchange (NSE).

On the BSE, shares of Inox Wind zoomed 13.80 per cent to trade at Rs 162 per piece.

Meanwhile, the stock of Inox Wind Energy Ltd (IWEL) jumped 5 per cent each of Rs 7,562.25 and Rs 7,552.65 apiece to hit its upper circuit limit on the bourses.

In the morning session, the 30-share BSE Sensex rose 154.79 points or 0.19 per cent to trade at 80,141.59, while Nifty climbed 47.45 points or 0.2 per cent to 24,333.95.

On Thursday, Inox Wind Ltd (IWL) said its promoter IWEL has infused Rs 900 crore into the company, following which the wind energy solutions provider will become a net debt-free company.

"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," Kailash Tarachandani, CEO of Inox Wind said.

The funds were raised by the IWEL on May 28, 2024, through sale of equity shares of IWL through block deals on the stock exchanges, witnessing participation of several marquee investors, as per the company statement.

The funds will be utilised by Inox Wind Ltd to completely pare down its external term debt to achieve a net debt-free status, it added.

Net Debt is a metric that determines how well a company can repay all of its debt it was due immediately.

"Net debt free status is excluding promoter debt," Inox Wind said.