Inox Wind Energy gains on block deal in subsidiary firm

August 09, 2023 / 10:42 AM IST

It has state-of-the-art manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh with a cumulative manufacturing capacity of 1,600 MW.

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Shares of Inox Wind Energy opened around 4 percent higher on August 9 – a day after it sold more than 1.46 crore equity shares of its subsidiary Inox Wind through a block deal to institutional investors. Shares of Inox Wind, however, opened lower by around 1 percent.

Inox Wind Promoters Inox Wind Energy and Devansh Trademart LLP sold 1.46 crore equity shares and 93.48 lakh shares in the company through open market transactions at an average price of Rs 208 per share. At the same time, ICICI Prudential Mutual Fund and Nippon India Mutual Fund bought 50.48 lakh shares and 96 lakh shares at the same price, totaling 4.49 percent of the total paid-up equity of Inox Wind.

On August 8, the Inox Wind stock traded 5 percent higher to scale its 52-week high of Rs 224.35 on the hope of the block deal. The funds raised are proposed to be used repay its existing debt. Inox Wind Energy owns 54.70 percent in Inox Wind. Other promoter groups include Devansh Trademart Llp, Inox Leasing and Finance Ltd and Aryavardhan Trading Llp that own 7.06, 5.02 and 5.03 percent, respectively.

Inox Wind is engaged in manufacturing and sale of wind turbine generators and erection, procurement and commissioning services. It also provides services in operations and maintenance, common infrastructure facilities for WTGs, and wind farm development. It has manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh with a cumulative capacity of 1,600 MW.