IWEL raises Rs 8 billion via Inox Wind stake sale

Inox Wind Energy (IWEL) announced that it had successfully raised Rs 8 billion through the sale of equity shares of Inox Wind. The company stated that IWEL, the promoter of Inox Wind (IWL), had accomplished the task of raising Rs 8 billion through the sale of equity shares of Inox Wind through block deals on the stock exchanges. The funds obtained from this transaction would be injected into IWL and utilised for repaying IWL's external debt, marking a significant milestone towards achieving a net-debt free status. According to the statement, the transaction had seen active participation from long-only domestic and foreign institutional investors. Devansh Jain, Executive Director of INOXGFL Group, mentioned that they had taken a significant step towards their objective of making Inox Wind debt-free through this transaction. He remarked that with this transaction, they had moved closer to their goal of achieving a net debt-free status for Inox Wind. He added that as Inox Wind entered its next phase of growth, supported by India's renewable energy targets, its strong financial position, and effective execution capabilities, they had ensured that all necessary mechanisms to expand operations were in place.