Inox Wind shares trade down 7% after Rs 672-crore block deal; promoter likely seller

The large deal involved around 10 percent equity in the company.

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Shares of Inox Wind plunged over 7 percent in the opening hours on October 31 after a large trade involving 10 percent equity took place on the exchanges.

Around 3.2 crore shares or a 10 percent stake in the company changed hands on the exchanges at an average price of Rs 210 apiece, reflecting an over 6 percent discount to the October 30 closing price of Rs 223.65.

The total deal value was around Rs 672 crore. Moneycontrol could not immediately identify the parties involved in the transaction.

However, CNBC-TV18 reported that the company’s promoter Inox Wind Energy was the seller in today’s large deal, offloading shares worth Rs 600 crore.

Post the deal, Inox Wind Energy’s stake in the company will reduce to 42 percent from the earlier 50.15 percent. Total promoter holding in the company now stands at 57 percent.

Moreover, the report also stated that the entire proceeds from the large deal will be infused in Inox Wind to pare down its debt. The company’s current net debt sits at Rs 1,150 crore and post the repayment, it will come down to Rs 550 crore.

At 10.03am, shares of Inox Wind were trading 4 percent lower at Rs 214.60 on the NSE.

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The large deal also triggered a spike in volumes as 5 crore shares changed hands on the exchanges so far, significantly higher than the one-month daily traded average of 18 lakh.

Shares of Inox Wind were involved in a block deal back in early August when the company’s promoters Inox Wind Energy and Devansh Trademart LLP offloaded 1.46 crore shares and 93.48 lakh shares, respectively. The average selling price for the total 7.36 percent stake was Rs 208 apiece.

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