• Source:JND
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Inox Wind Ltd Share price:  Inox Wind Ltd stated on Thursday that its promoter, Inox Wind Energy (IWEL), has injected Rs 900 crore into the company, following which the wind power solutions provider will become a net debt-free business. Inox Wind Ltd (IWL) declared on Thursday that its promoter, Inox Wind Energy Ltd (IWEL), had completed the infusion of Rs 900 crore into the firm.

Following the development, the shares of the renewable energy firm surged over 13 percent in early trade on Thursday. At around 10:47 am, tInox Wind Ltd's share price was Rs 161.66 per share, up by 13.5 percent against the previous day's closed value. In 12 months the stock surged over 290 percent. 

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Kailash Tarachandani, CEO of Inox Wind said. "This fund infusion will help us become a net debt-free company, strengthening our balance sheet and helping accelerate our growth. We expect substantial savings in interest expenses going ahead, aiding our profitability further" 

The money was raised by IWEL on May 28, 2024, through the sale of IWL shares via block trades on stock exchanges, according to a company statement, and several well-known investors participated.

Inox Wind Ltd will utilize these funds to fully decrease its external debt to achieve a debt-free status, it added.Net debt is a measure that determines a company's ability to immediately pay all of its outstanding debts. Inox Wind said that The net debt-free position excludes promoter debt.

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