Inox Wind Shares Jump Over 15% After Promoter Infuses Rs 900 Crore
The company will use the proceeds to completely pare down its external term debt to achieve a net debt-free status.
Shares of Inox Wind Ltd. surged over 15% on Thursday after its promoter, Inox Wind Energy Ltd., infused funds worth Rs 900 crore.
The funds were raised through the sale of the promoter's equity shares through block deals, with the participation of several marquee investors, the company stated in an exchange filing on Thursday.
The wind energy solutions provider will use the proceeds to completely pare down its external term debt to achieve net debt-free status, it said.
"It has been a remarkable journey so far. This fund infusion will help us become a net debt-free company, strengthen our balance sheet, and help accelerate our growth," Kailash Tarachandani, chief executive officer of Inox Wind, said in the statement.
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Shares of Inox Wind surged 15.1% during the day to Rs 164 apiece on the NSE. It was trading 11.45% higher at Rs 158.8 apiece, compared to a 0.25% advance in the benchmark Nifty 50 as of 11:29 a.m.
The stock has risen 290% in the last 12 months and 27% on an year-to-date basis. The total traded volume so far in the day stood at 7.3 times its 30-day average. The relative strength index was at 64.
All five analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 18.5%.
