INOX Wind hits 52-week high after promoters raise Rs 500 crore through block deals
INOX Wind Energy shares touched a 52-week high of Rs 3,040 on Wednesday. The stock of INOX Wind, a subsidiary of INOX Wind Energy, also hit a 52-week high of Rs 228.
INOX Wind Energy and its subsidiary INOX Wind's shares touched 52-week highs on Wednesday after the group announced block deals worth Rs 500 crore, concluding an equity share sale of INOX Wind by its promoter and promoter group entities. INOX Wind Energy and INOX Wind shares hit touched reached 52-week highs of Rs 3,040 and Rs 228 apiece on BSE respectively, though the INOX Wind stock succumbed to selling pressure shortly after touching the milestone.
INOX Wind said that the funds are proposed to be infused into the company and utilised for the repayment of debt. "This will result in strengthening of the balance sheet, enhancing both the company's financial strength and growth prospects, the company said in a statement.
The company described the development as a "significant step towards becoming net-debt free".
Devansh Jain, executive director of INOXGFL Group, was upbeat about the move. "The remarkable response to our equity share sale is a testament to the unwavering confidence which investors have in our company's future prospects. These funds will reduce our debt, provide greater financial flexibility, unlock a plethora of new expansion opportunities, and is a significant step in the company’s path towards becoming net-debt free," he said.
How INOX Wind Energy and INOX Wind shares have fared in the past
INOX Wind Energy shares have been performing well for a year, having grown 205.9 per cent as against an 11.3 per cent gain in the Nifty 50. In 2023 so far, the stock is up 206.7 per cent, sharply outperforming a 7.2 per cent rise in the index.
INOX Wind's shares have also given a good return to investors. The stock has more than doubled in the past year. For the year so far, the stock is up 103.4 per cent.
About INOXGFL Group
INOXGFL Group operates across two key verticals: chemicals and renewable energy. Comprising four listed entities, Gujarat Fluorochemicals Limited (GFL), INOX Wind Limited, INOX Green Energy Services, and INOX Wind Energy, the group has a sizeable market capitalisation of $5 billion.
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