The divestment is part of the strategic decision taken by the company to become net debt-free, further enabling IGESL to become an asset-light annuity O&M business.
Inox Wind’s subsidiary, Inox Green Energy Services (IGESL), which is India’s leading wind power operations and maintenance (O&M) service provider, has signed a term sheet for divestment of a 100% stake in Nani Virani Wind Energy Private Limited SPV. The SPV, which is a 50 MW operational wind farm located in Gujarat, was commissioned in May 2023.
The divestment is part of the strategic decision taken by the company to become net debt-free, further enabling IGESL to become an asset-light annuity O&M business. Consequently, this will also aid in paring debt on IGESL’s parent company Inox Wind’s consolidated balance sheet. The transaction will consummate post customary regulatory and banking approvals, including Board and shareholders’ approvals.
Inox Wind Ltd is a part of the Inox Group. The company is engaged in the business of manufacturing Wind Turbine Generators (WTGs) and is a wind energy solutions provider servicing IPPs, Utilities, PSUs, Corporates and Retail Investors. Inox Wind Ltd is a fully integrated player in the wind energy market and provides end-to-end turnkey solutions.
Today, the shares of Inox Wind closed at Rs 209.40, down by 0.21% from its previous closing of Rs 209.85 on the BSE. On Monday, the stock opened at Rs 206.90 and touched a high and low of Rs 215.50 and Rs 203.80 respectively. The BSE group ‘A’ stock of face value of Rs 10 has a 52-week high and low of Rs 228 and Rs 89.60, respectively.
Last one week high and low of the scrip stood at Rs 215.50 and Rs 189.50, respectively. The current market cap of the company is Rs 6,825.36 crore. The promoters holding in the company stood at 72.01%, while Institutions and Non-Institutions held 2.66% and 25.34% respectively.
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