Inox Wind’s Board approves fund raising of upto Rs. 800 Crores

September 3: Inox Wind, India’s leading wind energy solutions provider, has been accorded approval by the Board today, i.e. on 30th August 2022 to raise funds up to Rs. 800 Crores by way of issuance of 0.01% Non-Convertible Non-Cumulative Participating Redeemable Preference Shares of the 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 Limited, Promoter Group entity, of up to Rs. 600 Crores and Inox Wind Energy Limited, Promoter Company, of up to 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 Mr. Devansh Jain, Executive Director of 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.”