Monday , 29 November 2021
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Inox Wind rises as its arm enters into SPA to sell entire stake in six wholly owned subsidiaries

Inox Wind rises as its arm enters into SPA to sell entire stake in six wholly owned subsidiaries

Inox Wind is currently trading at Rs. 116.50, up by 0.95 points or 0.82% from its previous closing of Rs. 115.55 on the BSE.

The scrip opened at Rs. 117.90 and has touched a high and low of Rs. 118.95 and Rs. 115.75 respectively. So far 24916 shares were traded on the counter.

The BSE group ‘B’ stock of face value Rs. 10 has touched a 52 week high of Rs. 160.00 on 30-Jul-2021 and a 52 week low of Rs. 35.00 on 04-Nov-2020.

Last one week high and low of the scrip stood at Rs. 120.25 and Rs. 108.50 respectively. The current market cap of the company is Rs. 2586.46 crore.

The promoters holding in the company stood at 66.82%, while Institutions and Non-Institutions held 2.27% and 30.91% respectively.

Inox Wind’s material subsidiary — Inox Wind Infrastructure Services (IWISL) has entered into a Share Purchase Agreement (SPA) to sell the entire issued and paid up equity share capital of six wholly owned subsidiaries — Marut-Shakti Energy India, Sarayu Wind Power (Kondapuram), Sarayu Wind Power (Tallimadugula), Vinirrmaa Energy Generation, Satviki Energy and RBRK Investments to its fellow subsidiary, Resco Global Wind Services (wholly owned subsidiary of the Company) for cash consideration at par.

Consequent upon the said sale, the aforementioned companies shall cease to be the subsidiaries of IWISL but shall continue to be step down subsidiaries of the Company. As a part of the strategic business restructuring, IWISL is selling the entire issued and paid up equity share capital of its six wholly owned subsidiaries.

Inox Wind offers its clients total wind power solutions including wind resource assessment, acquiring land, developing the entire site infrastructure, building the power evacuation system, supplying the WTGs, erection and commissioning services, long term operations and maintenance services as well as post-commissioning support.