Inox Wind Limited on Thursday announced the completion of infusion of approximately Rs 900 crore into the company by its promoter Inox Wind Energy Limited (IWEL). The funds, it added, were raised by IWEL on May 28 through sale of equity shares of Inox Wind through block deals on the stock exchanges, witnessing participation of several marquee investors.
In a regulatory filing, Inox Wind said that the funds will be utilised by the company to completely pare down its external term debt to achieve a net debt free status.
Kailash Tarachandani, CEO of Inox Wind, said, “It has been a remarkable journey so far. 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.”
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Earlier in June, CRISIL had upgraded Inox Wind’s long-term ratings and its short term ratings in relation to the ratings of the company’s banking facilities. CRISIL’s rating upgrade reflects the improvement in the company’s business risk profile on account of substantial improvement in operating performance. Further, it notes that the company’s deleveraging efforts through equity raise significantly improves its financial risk profile. Going ahead, it said that a healthy net order book of 2.7 GW as of 31st May, 2024 provides large revenue growth visibility and sustained profitability for Inox Wind, supported by policy tailwinds in the wind sector.
From: financialexpress
Financial News
