On August 7, as per informed sources, the promoter entity of Inox Wind is anticipated to carry out a block deal valued at Rs 500 crore. This move aims to decrease its ownership stake in the wind energy firm, as reported by CNBC TV-18.
The sources further revealed that the offer price for the deal would carry a discount of up to 5 percent compared to the current market price. In today’s trading session, Inox Wind’s shares concluded at Rs 209.85 on the BSE, marking a 1.89 percent decrease from the previous day’s closing.
Significantly, Inox Wind’s promoter and promoter groups jointly hold a 72.01 percent stake in the company, as per the shareholding pattern disclosed to the exchanges for the quarter ending June 2023.
Inox Wind Energy Ltd, the company’s promoter, possesses a 54.70 percent stake. Additionally, three entities classified as promoter groups – namely, Devansh Trademart Llp, Aryavardhan Trading Llp, and Inox Leasing And Finance Ltd – collectively own stakes of 7.06 percent, 5.23 percent, and 5.02 percent, respectively.
This development emerges slightly over a week subsequent to Inox Wind’s announcement of its Q1 FY2023-24 results. The company’s net loss was reduced by half, coming down to Rs 64.3 crore from the previous year’s Rs 130 crore during the same period. Conversely, the consolidated revenue for the quarter surged to Rs 352 crore, signifying a substantial 65 percent increase compared to the Rs 213 crore recorded in Q1 FY2022-23.
Providing a significant update last month, Inox Wind disclosed on July 17 that it had been granted a ‘Type Certificate’ for its advanced 3 MW wind turbine of the new generation, featuring an expandable capacity of up to 3.3 MW. This announcement propelled its shares by 4 percent in the stock market.
Previously, on May 30, Inox Wind experienced a 6 percent surge in its stock value following the acquisition of a 150 MW wind power project order from NTPC Renewable Energy Ltd.