Inox Wind gains on signing consortium agreement with banks for Rs 2,200 crore facilities
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Inox Wind is currently trading at Rs. 256.80, up by 2.90 points or 1.14% from its previous closing of Rs. 253.90 on the BSE.
The scrip opened at Rs. 260.00 and has touched a high and low of Rs. 262.10 and Rs. 254.20 respectively. So far 101006 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 262.10 on 23-Sep-2024 and a 52 week low of Rs. 47.06 on 25-Sep-2023.
Last one week high and low of the scrip stood at Rs. 262.10 and Rs. 230.75 respectively. The current market cap of the company is Rs. 33103.33 crore.
The promoters holding in the company stood at 48.27%, while Institutions and Non-Institutions held 23.11% and 28.61% respectively.
Inox Wind (IWL) has signed a consortium agreement with a group of banks led by ICICI Bank for limits of around Rs 2,200 crore. This limit is likely to be enhanced further to around Rs 2,400 crore as per the working capital assessment done by the lead bank (ICICI Bank). The limits extended are largely non-fund based [bank guarantees (BGs) and letter of credits (LCs)]. The limits have been sanctioned on the financial strength of IWL’s balance sheet and without the requirement of any corporate guarantees or any other support from Gujarat Fluorochemicals (GFL). IWL’s recent fund raises as well as its operational ramp up have led to its balance sheet becoming net cash positive.
With this arrangement in place, any prior corporate guarantee or any other such support extended to IWL by GFL stands vacated / to be vacated in the near future.
Inox Wind is India’s leading wind energy solutions provider servicing IPPs, Utilities, PSUs & Corporate Investors.
