Inox Wind has been accorded approval by the Board to raise funds upto Rs. 800 crores by way of issuance of 0.01% Non-Convertible Non-Cumulative Participating Redeemable Preference Shares of face value of Rs. 10 each of the Company (‘NCPRPS’), fully paid up, at par, for cash consideration, on private placement basis, in accordance with the applicable laws and subject to appropriate sanctions, permissions and approvals including shareholders’ approval and statutory and regulatory approvals, as may be required, to ‘Promoter/ Promoter Group’ entities, viz, Inox Leasing and Finance, Promoter Group entity, of upto Rs. 600 Crores and Inox Wind Energy, Promoter Company, of upto Rs. 200 Crores.
The funds raised through the issuance of NCPRPS shall be used inter-alia for repayment of the debt.
Commenting on the occasion, Devansh Jain, Executive Director Inox GFL group said, “We are very excited to be a part of India’s renewable energy quest. Renewable energy will be the cornerstone of sustainable economic growth going forward and we at Inox GFL want to be at the forefront. With the government providing strong impetus to the industry, setting a target of about 50% cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030, and the rising demand across end user verticals, the promoters want to strengthen their position in the wind energy segment and hence have decided to infuse capital in the firm. This also aligns with the promoter’s objective of achieving net debt zero status for all their operating companies in the near future. We firmly believe that renewable energy will be the key driver in India’s growth story.”
“Inox Wind is at the cusp of a turnaround which is bolstered by special stimulus given by the government, rising demand from sectors across the country and increasing global awareness to achieve carbon neutrality. Inox aims to leverage its position in the evolving energy market and has taken significant steps to strengthen its foothold in the industry. The firm has kick started its growth by recently bagging 350 MW orders from NTPC, which is the largest order tendered by a PSU in the recent past. The fund infusion by the promoters will be a shot in the arm for the firm and will provide the much-needed impetus for growth. With the fund infusion and cash flow from operations, Inox Wind aims to become a net debt zero company in the near future”, said Kailash Tarachandani, CEO, Inox Wind.