Shares of Inox Wind Ltd skyrocketed 15% on 4 July after the company secured a Rs 900 crore capital infusion from promoter Inox Wind Energy Limited. 

The promoter raised funds by selling equity shares of the company via a block deal on the exchanges, which attracted participation from several high-profile investors. 

The funds from the infusion will be used to pare the company’s external term debt, thereby enhancing its financial position and accelerating its growth prospects.

Kailash Tarachandani, CEO of Inox Wind, said, “This fund infusion will help us become a net debt-free company, strengthening our balance sheet and help accelerate our growth. We expect substantial savings in interest expenses going ahead, aiding our profitability further.”

Kailash added that the fund infusion will strengthen the company’s balance sheet and position them as a net debt-free entity. 

He also highlighted the company’s readiness for substantial growth and bolstering the company’s robust order book and extensive manufacturing capabilities across Himachal Pradesh, Gujarat, and Madhya Pradesh. 

The company operates four manufacturing facilities that are capable of producing blades, hubs, nacelles, and tubular towers, and has an annual capacity of around 2.5 gigawatt under its megawatt series wind turbine generators offering. 

At 1:18 pm, the shares of Inox Wind were trading 11.47% higher at Rs 158.82 on NSE.