Inox Wind Limited, based in Noida, has secured an investment of ₹800 crore from its promoter, Inox Wind Energy Limited (IWEL).

What Happened? This significant financial boost, completed on October 31, 2023, was achieved through the sale of IWEL’s equity shares on the stock exchanges. This transaction, executed via block deals, attracted several top-tier long-only foreign and domestic investors.

Inox Wind plans to use these funds to clear its existing debt, reinforcing its financial footing. The successful fundraising by IWEL and the subsequent capital infusion into Inox Wind are crucial steps in the company’s strategy to become debt-free.

See also: Week In Review: Adani Stocks’ Strong Comeback To Tata Tech’s Blockbuster Listing

Kailash Tarachandani, CEO of Inox Wind, expressed optimism about the company’s future. He emphasized that this financial injection, coupled with operational scale-up and technological advancements in 3.3 MW Wind Turbine Generators, positions Inox Wind favourably for substantial growth. This progress aligns with broader market trends and opportunities in the wind energy sector.

Price Action: Inox Wind Ltd shares were up 3.80% at ₹298.85 on Monday shortly after markets opened for the week. The stock has maintained a gaining momentum over the last six months, rising 108%. Since the beginning of the year, the scrip has increased by 163.17%.

Read next: IIT Madras To Google: How This Andhra Pradesh Man Fought Past A Tragic Accident To Scale New Heights