Ashish Kacholia’s portfolio multibagger wind-energy stock in focus as company raises Rs 300 crore equity capital from Akash Bhansali, Rohit Kothari & Madhusudan Kela
The stock gave multibagger returns of over 200 per cent in just 1 year whereas BSE Sensex Index is up by 25 per cent.
IGREL Renewables, a privately held renewable energy platform of the INOXGFL Group, has successfully raised Rs 300 crore equity capital from Akash Bhansali, Rohit Kothari & Madhusudan Kela. This significant investment will fuel IGREL's ambitious goal of becoming a leading player in India's renewable energy sector.
With the backing of the INOXGFL Group's extensive experience and resources, IGREL aims to achieve an impressive installed capacity of 2 GW by FY27, comprising both wind and solar power generation. This expansion will require a significant investment of approximately Rs 12,000 crores over the next three years. To accelerate this growth, IGREL has already secured firm orders for 200 MW of wind capacity and signed an additional 550 MW LOIs with Inox Wind. Moreover, the company has initiated plans to expand its solar capacity by placing orders with leading solar EPC companies.
IGREL's strategic focus on renewable energy aligns with the INOXGFL Group's commitment to sustainable practices. The IPP platform offers a valuable opportunity for the Group's companies to secure long-term renewable power supply, reduce their carbon footprint, and benefit from the growth of the renewable energy sector. Inox Wind's expertise in turnkey project execution and existing infrastructure will significantly contribute to IGREL's project development and commissioning. Additionally, Inox Green will provide essential O&M services for IGREL's renewable assets, further strengthening its portfolio.
In summary, IGREL Renewables has secured a significant investment to expand its renewable energy capacity and is well-positioned to become a leading player in India's green energy sector. With the support of the INOXGFL Group and its strategic partnerships, IGREL is poised to achieve its ambitious growth targets and contribute to the country's sustainable energy future.
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About the Company
Incorporated in 2012, Inox Green Energy Services Limited is one of the major wind power operation and maintenance (O&M) service providers within India. The company is a subsidiary of Inox Wind Limited (IWL) and part of the Inox GFL group of companies. The company has a market cap of over Rs 6,300 crore and as of March 31, 2024, the company’s order book stands at Rs 2,656-MW.
Earlier, the Board of Directors of Inox Green Energy Services Limited raised Rs 1,050 crore through a preferential issue of equity shares and convertible warrants. The company issued 2,89,85,503 equity shares at Rs 138 per share, raising Rs 400 crore from non-promoter entities. Additionally, up to 4,48,27,582 convertible warrants will be issued at Rs 145 per warrant, each carrying the right to subscribe to one equity share at Rs 145. These warrants can be exercised within 18 months and can be purchased by both promoters and non-promoters. The issuance of convertible warrants is expected to raise up to Rs 650 crore. Inox Leasing and Finance Limited (Promoter Group) has bought 2,75,86,206 convertible warrants worth Rs 400 crore while an ace investor, Ashish Kacholia has purchased 14,49,275 equity shares worth Rs 20 crore and 13,79,310 convertible warrants worth Rs 20 crore.
On Wednesday, shares of Inox Green Energy Services Limited (IGESL) surged 7.45 per cent and made a fresh new 52-week high of Rs 184.55 per share from its previous closing of Rs 171.75 per share. The stock gave multibagger returns of over 200 per cent in just 1 year whereas BSE Sensex Index is up by 25 per cent. Investors should keep an eye on this small-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.