Shares of this energy company zoomed 10 per cent in a bearish market; here's why
Promoters of Inox Wind infused Rs 800 crore via debt financing.
At the closing bell on September 1, shares of Inox Wind ended at Rs 123.20, up by 10.25 per cent. The scrip opened at Rs. 113.35 and touched a high and low of Rs 121.60 and Rs 112.25, respectively. The BSE group 'A' stock has a 52-week high of Rs 154.15 and a 52-week low of Rs 75.40.
Inox Wind has received approval from its board to raise funds up to Rs 800 crore by way of issuance of 0.01 per cent Non-Convertible Non-Cumulative Participating Redeemable Preference Shares (NCPRPS) of the face value of Rs 10.
Inox Wind is India’s leading wind energy solutions provider servicing IPPs, Utilities, PSUs and Corporate Investors. The current market cap of the company is Rs 3346.71 crore. The promoters holding in the company stood at 72.24 per cent, while institutions and non-institutions held 2.21 per cent and 25.55 per cent, respectively.
The company has agreements with major players in the Indian wind industry, including Tata Power, Adani, NTPC, NHPC, PTC India, Oil India Ltd, Continuum, Malpani Group, etc. With a combined manufacturing capacity of 1,600 MW, the company have four manufacturing facilities in India. The company's unfulfilled orders as of March 31, 2021, are 1324.7 MW, which will lead to revenues of Rs 7800 crore during FY22 and FY23.