iShares Global Clean Energy Buys Rs 1,517-Crore Inox Wind Stake In Bulk Deal

iShares Global Clean Energy UCITS ETF has bought a stake worth Rs 1,517 crore in Inox Wind Ltd. in a bulk deal on the National Stock Exchange on Friday.

The firm has mopped up 68.25 lakh shares, or a 0.52% equity stake, in the wind energy service provider for Rs 222.3 apiece.

On Sept. 23, Inox Wind had entered into a consortium agreement with a group of banks, led by ICICI Bank Ltd., to secure financial limits totaling approximately Rs 2,200 crore. This limit is expected to rise to around Rs 2,400 crore following ICICI Bank's assessment of the working capital.

The limits provided were primarily non-fund based, including bank guarantees and letters of credit. These facilities were approved based on Inox Wind's financial strength, without requiring any corporate guarantees or support from Gujarat Fluorochemicals Ltd.

The firm's subsidiary, Resco Global Wind Services Ltd., has also raised Rs 350 crore through equity from prominent investors on Sept 12. Following this funding, Resco Global was no longer a wholly-owned subsidiary.

The equity was raised on Sept. 11 by allotting shares on a preferential basis through a private placement to non-promoters, according to Inox Wind. The engineering, procurement, and construction subsidiary utilised securities to secure the funds raised.

Shares of Inox Wind closed 4.52% higher at Rs 225.50 apiece on the NSE, compared to a 0.42% rise in the benchmark Nifty 50.

The stock had risen 77.98% on a year-to-date basis and 308.21% over the past 12 months.

The stock closed 3.36% lower at Rs 208.50 per share.

Out of the six analysts tracking the company, five have a "buy" rating on the stock, one suggests a "hold", according to the Bloomberg data.

The average of 12-month analysts' consensus price targets implies a potential upside of 0.2%.