Inox Wind Energy gains on block deal in subsidiary firm

Shares of Inox Wind Energy opened about 4% higher on Aug. 9 – a day after selling more than 1.46 million shares of its Inox Wind subsidiary in a block deal with institutional investors. However, shares of Inox Wind opened down about 1%.
Stainless Steel Wind Promoters Inox Wind Energy and Devansh Trademart LLP sold 1.46 million shares and 93.48 million shares of the company through open market transactions at an average price of Rs 208 per share. Meanwhile, ICICI Prudential Mutual Fund and Nippon India Mutual Fund bought 50,480,000 shares and 960,000 shares at the same price, accounting for a total of 4.49% of Inox Wind’s total paid-up share capital.
On August 8, Inox Wind shares traded down 5% to hit a 52-week high at Rs 224.35 on hopes of a block deal. Funds raised are offered to be used to pay off its current debt. Inox Wind Energy holds 54.70% shares of Inox Wind. Other promoters including Devansh Trademart Llp, Inox Leasing and Finance Ltd and Aryavardhan Trading Llp hold 7.06, 5.02 and 5.03% respectively.
Inox Wind operates in the field of manufacturing and trading wind turbines and services of assembly, supply and commissioning. It also provides operation and maintenance services, general infrastructure for wind turbines and wind farm development. It has manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh with a total capacity of 1,600 MW.