Suzlon Peer Inox Wind's Subsidiary Completes ₹350 Cr Equity Raise

In an exchange filing on Thursday morning, Inox Wind informed the exchanges that its subsidiary had raised funds from several investors including JM Financial.

What Happened: Resco Global Wind Services, a subsidiary of Inox Wind said that it has successfully completed an equity raise of ₹50 crore. The announcement comes after a board meeting held on September 2, 2024.

The equity raise was participated by marquee investors including Valrado Venture Partners Fund II, Anchorage Capital Scheme I, JM Financials Products Limited, Founders Collective Fund, One Up Financial Consultants Pvt. Ltd., Authum Investments & Infrastructure Ltd., and Capri Global Holdings Private Limited. These investors were issued securities in exchange for the funds raised.

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This equity raise comes at a time when Inox Wind has been making significant strides in the renewable energy sector. In August 2024, the company secured a 201-megawatt order from Integrum Energy Infrastructure Ltd and a 51-megawatt order from Everrenew Energy Private Ltd. These orders involved the supply of Wind Turbine Generators and post-commissioning operations and maintenance services.

Earlier this week, Axis Securities increased its estimates for the company’s key financial metrics, expecting revenue, EBITDA, and profit after tax to grow significantly in the coming years. In its research note, the brokerage firm said the fundraise would be used to expand Resco’s business offerings, leveraging favourable conditions in India's wind energy sector.

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