Inox Wind faced a significant setback on October 31 as its shares plummeted by over 7 percent in the opening hours, following a substantial trade involving a 10 percent equity stake on the exchanges.
A remarkable 3.2 crore shares, representing a 10 percent stake in the company, were exchanged on the exchanges at an average price of Rs 210 each, marking a more than 6 percent discount to the previous day’s closing price of Rs 223.65.
The total value of the deal amounted to approximately Rs 672 crore. Although the parties involved in the transaction were not immediately identified, reports suggested that the seller was the company’s promoter, Inox Wind Energy. In this transaction, shares worth Rs 600 crore were offloaded.
Following the deal, Inox Wind Energy’s ownership in the company reduced to 42 percent from the previous 50.15 percent, while the overall promoter holding in the company now stands at 57 percent.
Additionally, reports indicated that the entire proceeds from this substantial deal would be injected into Inox Wind to alleviate its debt burden. The company’s existing net debt stands at Rs 1,150 crore, which, post-repayment, will decrease to Rs 550 crore.
By 11:55 am, Inox Wind shares were trading 3.31 percent lower at ₹216.25 on the NSE.
