IWEL raises Rs 800 crore through stake sale in Inox Wind

New Delhi: Inox Wind Energy Ltd (IWEL) has raised Rs 800 crore through sale of equity shares of Inox Wind, according to a regulatory filing.

The sale has been made through block deals on the stock exchanges, INOXGFL Group said in a BSE filing.

"IWEL, the promoter of Inox Wind Ltd (IWL), successfully raised Rs 800 crore through sale of equity shares of Inox Wind via block deals on the stock exchanges," it said.

The funds raised will be infused into IWL and utilized for the repayment of IWL's external debt, marking a significant step towards achieving a net-debt free status.

The transaction witnessed strong participation across long-only domestic and foreign institutional investors, it said.

Devansh Jain, Executive Director of INOXGFL Group, said "With today's transaction, we have taken a large step towards our goal of achieving a net debt-free status for Inox Wind Ltd.

"As Inox Wind embarks on its next phase of growth, underpinned by India's renewable energy targets, its robust financial position, and strong execution capabilities, we have ensured that all the levers required to scale up operations are in place."

In the filing, the company did not provide any further information with respect to the transaction.

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INOXGFL Group is operating across two key verticals -- chemicals and renewable energy. It has four listed entities namely Gujarat Fluorochemicals Limited (GFL), Inox Wind Limited, Inox Green Energy Services Limited, and Inox Wind Energy Limited.

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