Inox Green Energy Services surges on acquiring 51% stake in I-Fox Windtechnik India

Inox Green Energy Services is currently trading at Rs. 42.85, up by 0.95 points or 2.27% from its previous closing of Rs. 41.90 on the BSE.

The scrip opened at Rs. 42.25 and has touched a high and low of Rs. 43.45 and Rs. 41.75 respectively. So far 29586 shares were traded on the counter.

The BSE group ‘B’ stock of face value Rs. 10 has touched a 52 week high of Rs. 63.95 on 23-Nov-2022 and a 52 week low of Rs. 40.05 on 26-Dec-2022.

Last one week high and low of the scrip stood at Rs. 44.95 and Rs. 41.35 respectively. The current market cap of the company is Rs. 1264.10 crore.

The promoters holding in the company stood at 56.04%, while Institutions and Non-Institutions held 15.34% and 28.61% respectively.

Inox Green Energy Services has acquired a majority stake of 51% equity shares in the share capital of I-Fox Windtechnik India. Accordingly, I-Fox Windtechnik India has become a subsidiary of the Company with effect from February 24, 2023. The objective behind such acquisition is to promote the Company’s inorganic growth journey as it was part of company’s strategic decision to grow its fleet. This will empower the Company to leverage the synergies and efficiencies across the combined teams, supply chain capabilities and technical expertise.

Inox Green Energy Services is one of the major wind power operations and maintenance (O&M) service providers within India. The Company is engaged in the business of providing long-term O&M services for wind projects.

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