Inox Wind’s board approves to raise up to Rs 8 billion by issuing 0.01 per cent non-convertible non-cumulative participating redeemable preference shares of face value of Rs. 10 each of the company, fully paid up, at par, for cash consideration, on private placement basis, in accordance with the applicable laws and subject to appropriate sanctions, permissions and approvals including shareholders’ approval and statutory and regulatory approvals, as may be required, to ‘Promoter/ Promoter Group’ entities viz. Inox Leasing and Finance Limited, Promoter Group entity, of upto Rs 6 billion and Inox Wind Energy Limited, Promoter Company, of upto Rs 2 billion.
The funds raised through the issuance will be used inter-alia for repayment of the debt. Inox Wind is a wind energy solutions provider servicing independent power producers, utilities, PSUs and corporate investors. The company has three state-of-the-art manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh.
Recently in August 2022, Inox Wind secured an order from NTPC Renewable Energy Limited, a wholly owned subsidiary of NTPC Limited for setting up a 200 MW wind power project. The project will be completed on a turnkey basis at the Dayapar site in Gujarat’s Kutch district and is expected to be operational by January 2024.