Inox Green Energy Services (IGESL), a top wind power maintenance firm and a subsidiary of Inox Wind, is selling its entire stake in Nani Virani Wind Energy, a 50 MW wind farm in Gujarat. This move aims to clear the company’s debts and shift IGESL towards a lighter business model focused on maintenance services. The sale will also help reduce the debt of Inox Wind.
The deal awaits regulatory, banking, board, and shareholder approvals. IGESL’s CEO, S K Mathusudhana, expressed satisfaction, noting that the company is on track to be debt-free by the end of March 2024.
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Akash Bhanshali witnessed an increase in his wealth today, thanks to the impressive performance of Inox Wind Energy. The small-cap multibagger’s share price surged up over 1.8% to hit an intraday high of ₹2,648.95 on Monday.
Bhanshali owns a 3.74% stake in Inox Wind Energy, equating to 450,382 shares. With the stock's previous close at ₹2,601.25, his holdings were valued at ₹117.15 crore. The ascent to today's high of roughly ₹2,649 boosted the value of his stake to ₹119.25 crore.
Price Action: Inox Wind Energy’s share price was up 0.91% to trade at ₹2,625.05, a little over an hour after markets opened for trading on Monday.
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