New Delhi: On Thursday, shares of Inox Wind rose over 14 percentage after the wind energy company's promoter, Inox Wind Energy, invested Rs 900 crore into the company. The company's stock price increased by 14.45 percent, reaching Rs 163.07 per share on the National Stock Exchange (NSE).Inox Wind's shares surged by 13.80 percent on the BSE, reaching Rs 162 per piece in trading.
At the same time, Inox Wind Energy Ltd's (IWEL) stock surged by 5 percentage to reach the upper circuit limit on the stock exchanges, with prices rising to Rs 7,562.25 and Rs 7,552.65 each. During the morning session, BSE Sensex gained 154.79 points, reaching 80,141.59, and Nifty rose by 47.45 points to trade at 24,333.95, an increase of 0.19 percent and 0.2 percent, respectively.
Inox Wind Ltd (IWL) announced on Thursday that its promoter IWEL has invested Rs 900 crore in the company, resulting in the wind energy solutions provider becoming free of net debt.
This injection of funds will assist us in becoming a company free from net debt, enhancing our balance sheet and speeding up our growth. Kailash Tarachandani, CEO of Inox Wind, stated that they anticipate significant reductions in interest costs in the future, which will help boost profitability even more.
The IWEL raised funds on May 28, 2024, by selling equity shares of IWL in block deals on stock exchanges with participation of many prominent investors, as stated by the company.Inox Wind Ltd will use the funds to fully pay off its external term debt in order to become debt-free, according to the statement.
Net Debt is a measure used to assess a company's ability to settle all of its immediate liabilities. Promoter is not included in the net debt free status.
ALSO READ: NLU Tripura and NIT Agartala Inks MoU for Academic and Technical Collaboration
FIRST Business Portal addressing the potential of business capability of North East Region.
