Moneycontrol Bureau
It was a stellar listing for Inox Wind on Thursday as the huge buying demand and good order book position drove the stock 38 percent higher intraday.
It closed at Rs 438.40 on the National Stock Exchange, up 34.77 percent amid high volumes after hitting an intraday high of Rs 448.85. The stock opened at Rs 400.
Deepak Asher, Director of the company said the company is extremely bullish on the renewable energy sector which is set for unprecedented growth going forward.
The company is confident of taking full advantage of the government’s encouragement to the sector and is hopeful of maintaining a very strong growth momentum, he added.
Inox Wind, which has an order book of around 1200 MW, has grown at about 70 percent per annum consistently for the last four years, Asher said.
The Rs 1,000 crore public issue of Inox Wind was opened for subscription during March 18-20. The public issue consisted of a fresh issue of equity shares of Rs 700 crore and an offer for sale of 1 crore equity shares by selling shareholder (founder) Gujarat Fluorochemicals.
The wind farm company will use part of the IPO proceeds to invest in new equipment at the Una unit to optimise the capacity of the nacelle and hub manufacturing facility. Issue proceeds will also be used for long term working capital requirements; and investment in subsidiary, IWISL, for the purpose of development of power evacuation infrastructure and other infrastructure development.
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