Inox Wind shares jumps over 10 pc

New Delhi, Jul 4 (PTI) Shares of Inox Wind jumped more than 10 per cent on Thursday after the wind service provider said its promoter Inox Wind Energy has infused Rs 900 crore into the company.

The stock surged 10.30 per cent to close at Rs 157.15 apiece on the NSE.

Shares of Inox Wind climbed 10.29 per cent to settle at Rs 157 per piece on the BSE.

Meanwhile, Inox Wind Energy Ltd (IWEL) jumped 5 per cent each to hit upper circuits on BSE and NSE. The stock closed at an upper circuit limit of Rs 7,562.20 on BSE and at Rs 7,552.65 on NSE.

The 30-share BSE Sensex rose 62.87 points or 0.08 per cent to end at 80,049.67, while Nifty climbed 15.65 points or 0.06 per cent to settle at 24,302.15.

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.