A block deal worth Rs 500 crore is likely to be executed by the promoter entity of Inox Wind to reduce its stake in the wind energy company, CNBC TV-18 reported on August 7, citing sources who are privy to the development.
The offer price for the deal will be at a maximum discount of 5 percent against the current market price, the sources added. In the trading session today, Inox Wind's shares settled at Rs 209.85 on the BSE, which was 1.89 percent lower than the previous day's close.
Notably, the promoter and promoter groups of Inox Wind hold a total of 72.01 percent stake in the company, as per the shareholding pattern shared with the exchanges for the quarterly period ending June 2023.
The company's promoter, Inox Wind Energy Ltd, holds a stake of 54.70 percent, whereas, three entities categorised as promoter groups -- Devansh Trademart Llp, Aryavardhan Trading Llp and Inox Leasing And Finance Ltd -- own a shareholding of 7.06 percent, 5.23 percent and 5.02 percent, respectively.
The development comes over a week after Inox Wind declared its results for the first quarter of fiscal year 2023-24. The company's net loss halved to Rs 64.3 crore from Rs 130 crore in the year-ago period, whereas, the consolidated revenue for the quarter increased to Rs 352 crore, which is 65 percent higher as against Rs 213 crore clocked in Q1FY23.
In a key update shared last month, Inox Wind on July 17 revealed that it has received 'Type Certificate' for its state of the art, new generation 3 MW wind turbine with a booster capacity of upto 3.3 MW. The announcement had pushed up its shares by 4 percent at the stock market.
Earlier, on May 30, Inox Wind's stock had rallied by 6 percent after it bagged an order for a 150MW wind power project from NTPC Renewable Energy Ltd.
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