Inox Wind to become debt-free after Rs 740-crore IPO offering: Report

Wind energy solutions provider Inox Wind will become a debt-free company after its Rs 740-crore initial share, which is awaiting Sebi nod, is over and fund infusion by promoters, according to its regulatory filing.

According to the Draft Red Herring Prospectus (DRHP) filed with the market regulator, as of June 2022, the company had a gross debt of Rs 1,717.8 crore and cash balance of Rs 222 crore, and a net debt of Rs 1,494.8 crore on its books.

Last week, the company said its promoters had agreed to infuse up to Rs 800 crore by subscribing to non-convertible, non-cumulative participating redeemable preference shares on a private placement basis.

The fund will be infused by two promoter group entities -- Inox Leasing & Finance which will pump in up to Rs 600 crore, and Inox Wind Energy that will infuse up to Rs 200 crore.

The entire money thus raised will be used to retire debt, a statement from the company said on August 30.

According to the DRHP, the entire proceeds from the IPO