Latest News | Inox Wind Shares Hit Year High After Promoter Infuses Rs 800 Cr to Pare Debt

New Delhi, Dec 4 (PTI) Inox Wind Ltd shares surged to a 52-week high before closing with sharp gains of more than 15 per cent on Monday after the company announced that its promoter Inox Wind Energy has infused around Rs 800 crore into the company to pare debt.

Inox Wind Energy Ltd shares surged by 9 per cent.

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Inox Wind Ltd surged by around 16 per cent to hit a 52-week high of Rs 340.95 on BSE. Later, the stock closed higher by 15.41 per cent at Rs 332.20 on BSE. Around 5 lakh shares changed hands on the bourse.

Meanwhile, shares of Inox Wind Energy zoomed 8.64 per cent to end at Rs 4,212 apiece on the NSE, while the scrip of the company surged 7.51 per cent to settle at Rs 4,187.87 per piece on the BSE.

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In a regulatory filing on Monday, Inox Wind Energy Ltd (IWEL) has infused Rs 800 crore into Inox Wind Ltd (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 the sale of equity shares of Inox Wind through block deals on the stock exchanges.

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

Inox Wind Energy Ltd engages in the business of generation and sale of wind energy, providing services for Erection, Procurement and Commissioning (EPC) of wind farms and holding strategic business interest in renewable energy.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)