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Inox Wind and its subsidiary Inox Green Energy Services repaid debts of ₹1.61 billion (~$19.73 million) and ₹2.5 billion (~$30.63 million), respectively, as part of the strategic initiative to deleverage their balance sheets.
As a result, corporate guarantees given by Gujarat Fluorochemicals, Inox’s parent company, have been reduced to that extent, the company said in its BSE (Bombay Stock Exchange) filing.
Both companies are in the process of further reducing their debt. Inox’s stated near-term goal is to deleverage all its operating entities, and this repayment is considered a significant step toward achieving that goal.
Inox Green’s shares were listed on the BSE and National Stock Exchange of India on November 23. The company’s IPO comprised of fresh issuance of equity shares worth ₹3.7 billion (~$45.47 million) and an offer-for-sale of ₹3.7 billion (~$45.47 million) Inox Wind equity shares.
Inox Green’s board had approved the allotment of 113,846,152 equity shares at an offer price of ₹65 (~$0.80) per equity share, including a share premium of ₹55 (~$0.68) per share. Of this, 56,923,076 equity shares have been allotted under the fresh issue portion of the offer.
Inox Green was initially incorporated as a public limited company in May 2012 as Inox Wind Infrastructure Services. The name was changed to Inox Green Energy Services in October 2021.
In September this year, Inox Wind received approval to raise funds of ₹8 billion (~$98.06 million) by issuing 0.01% non-convertible non-cumulative participating redeemable preference shares of the face value of ₹10 (~$0.12) each.
Inox Green Energy’s subsidiary Wind Two Renergy was recently acquired by Torrent Power for ₹325.1 million (~$4.09 million). Torrent Power had acquired 32.51 million equity shares of Wind Two Renergy, which had previously executed a 50 MW wind power project at Dayapar village in the Kutch district of Gujarat.