Inox Wind surged 9.42% to end at Rs 122 after the company said that its board has approved a proposal to raise funds up to Rs 800 crore by way of issuance of debt securities to promoters on private placement basis.
The debt issuance will be carried out by two promoter group entities viz., Inox Leasing & Finance and Inox Wind Energy. Inox Leasing would be issued debt securities of up to Rs 600 crore and the remaining securities of up to Rs 200 crore would be placed with Inox Wind Energy.
The board has approved fundraising of up to Rs 800 crore by issuing non-convertible non-cumulative participating redeemable preference shares (NCPRPS) of the face value of Rs 10 each, which constitutes 0.01% of the fully paid-up capital on a private placement basis to the promoters, the company said in a statement.
The funds raised through the issuance of NCPRPS shall be used inter-alia for repayment of the debt, the statement added.
Inox Wind is a wind energy solutions provider servicing IPPs, utilities, PSUs & corporate investors. The company is a fully integrated player in the wind energy market with three manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh. Its manufacturing capacity stands at 1,600 MW per annum.
The company reported a consolidated net loss of Rs 129.27 crore in the quarter ended June 2022 as against net loss of Rs 52.32 crore during the previous quarter ended June 2021. Sales rose 24.36% to Rs 210.62 crore in Q1 FY23 over Q1 FY22.
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