Inox Wind Energy infuses Rs 800 cr in arm, firm to use money to clear debt

Inox Wind Energy Ltd (IWEL) on Monday said it has infused Rs 800 crore into Inox Wind Limited (IWL) and the subsidiary company will utilise the amount to clear a portion of its outstanding debt.

IWEL had earlier raised Rs 800 crore through sale of equity shares of Inox Wind through block deals on the stock exchanges.

"Inox Wind Energy Limited completes infusion of Rs 800 crore into Inox Wind Ltd. The funds received will be utilized to repay IWL's existing debt," IWEL in a regulatory filing on Monday.

"For this cash consideration of Rs 800 crore, Inox Wind has allotted 0.01 per cent non convertible redeemable preference shares (NCRPS) of Rs 10 each to IWEL," a separate statement said.

Kailash Tarachandani, the CEO of Inox Wind said the recent round of fundraising by IWL's promoter and the subsequent capital infusion into IWL is a significant step towards the company's aim of becoming a net-debt free company.

INOXGFL Group is operating across two key verticals -- chemicals and renewable energy. It has four listed entities namely Gujarat Fluorochemicals Limited (GFL), Inox Wind Limited, Inox Green Energy Services Limited, and Inox Wind Energy Limited.