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Board of Directors Approve Infusion of Capital into Inox Wind Limited

The funds will be utilised by IWL to completely pare down its external debt and augment the working capital needs, strengthening its balance sheet further.

June 01, 2024. By News Bureau

Inox Wind Limited (IWL) announced that its Board of Directors, in its meeting, has approved the raising of funds in the company.

With the board’s approval in place and further subject to shareholder and other regulatory approvals, the proceeds from the sale of IWL shares by IWL’s promoter Inox Wind Energy Limited (IWEL) via block deals on the stock exchanges on 28 May, 2024, will be infused in IWL by way of issuance of 0.01% Non-Convertible Non-Cumulative Participating Redeemable Preference Shares ('NCPRPS') to IWEL.

The funds will be utilised by IWL to completely pare down its external debt and augment the working capital needs, strengthening its balance sheet further.

Speaking on the occasion, Devansh Jain, Executive Director of INOXGFL Group, said "We are pleased to announce that post the completion of our fund-raising exercise at IWEL earlier this week, where we successfully raised ~ INR 900 crores from marquee investors, IWL has received the board approval for the infusion of the said funds into IWL. This is another milestone event for the INOXGFL Group in its remarkable journey over the last few years. Post the fund infusion, IWL will become net debt free, excluding promoter debt. We thank all our investors who have shown their faith in the growth story of IWL. INOXGFL Group’s commitment and contribution to India’s sustainable growth story will only grow stronger from here."

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