Inox GFL Group initiates strategic action to deleverage its' Wind Business

Inox Wind Limited, India's leading wind energy solutions provider and its' subsidiary Inox Green Energy Services Limited ('IGESL'), one of India's leading wind power operations and maintenance ("O&M") service providers, as part of the strategic initiative to deleverage their respective Balance Sheets, have recently paid Rs. 250 Crs. and Rs. 161 Crs (aggregating to Rs. 411 Crs.) towards reducing their debt. Consequently, the Corporate Guarantees given by Gujarat Fluorochemicals Limited, have also got reduced to that extent. Both the companies are in the process of further reducing their debt in due course. Inox GFL Group's stated near term goal is to deleverage all its operating entities and this repayment is a significant step towards achieving this goal.

Shares of Inox Wind Limited was last trading in BSE at Rs. 122.75 as compared to the previous close of Rs. 119.60. The total number of shares traded during the day was 47226 in over 1234 trades.

The stock hit an intraday high of Rs. 123.95 and intraday low of 117.35. The net turnover during the day was Rs. 5730821.00.

Source : Equity Bulls

Keywords

InoxWind INE066P01011 InoxGFLGroup Deleveraging BalanceSheet DebtRepayment