3:1 Bonus Share: Suzlon’s peer company turns debt-free with infusion of Rs 900 crore by promoter; details inside

The stock gave multibagger returns of 300 per cent in just 1 year and a whopping 800 per cent in 5 years.

Today, Suzlon’s peer company, i.e., Inox Wind Ltd.’s shares gained over 10 per cent to Rs 157.25 per share. The stock’s 52-week high is Rs 177 and its 52-week low is Rs 40.54. The company’s circuit is revised back to 20 per cent.

Inox Wind Limited, headquartered in Noida, Uttar Pradesh, is a leading provider of comprehensive wind energy solutions in India. Part of the diversified INOX group, the company specializes in the manufacture of wind turbine generators and provides turnkey solutions by supplying wind farm projects with key components and services required for construction and operation. With a strong focus on technology and sustainability, Inox Wind is committed to playing a significant role in India’s transition to renewable energy. The company’s innovative approach and robust infrastructure enable it to meet the growing demands of the global wind energy market.

Inox Wind Limited (IWL), India’s leading wind energy solutions provider, today announced the completion of an infusion of Rs 900 crore into the company by its promoter Inox Wind Energy Limited (IWEL). The funds were raised by IWEL on May 28, 2024, through the sale of equity shares of IWL through block deals on the stock exchanges, witnessing the participation of several marquee investors. The funds will be utilised by IWL to completely pare down its external term debt to achieve a net debt-free status wherein the net debt-free status is excluding promoter debt.  

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Earlier the shares of the company ex-traded bonus shares of 3:1 (three bonus equity shares for every one existing equity share) out of the accumulated reserves of the company. The company announced the revised record date was Friday, May 24, 2024.  

According to Quarterly Results, the net sales increased by 4.8 per cent to Rs 527.73 crore and net profit increased by 1,897.3 per cent to Rs 37.67 crore in Q4FY24 compared to Q3FY24. In its annual results, the net sales increased by 137.8 per cent to Rs 1,743.24 crore in FY24 compared to FY23. The company reported a net loss of Rs 50.79 crore in FY24 compared to a net loss of Rs 696.84 crore in FY23.

The company has a market cap of Rs 20,000 crore with a 3-year stock price CAGR of 90 per cent. The company’s order book is Rs 2,656-MW as of March 31, 2023. The promoter of the company Inox Wind Energy Ltd sold 6,00,00,000 shares or 4.60 per cent at Rs 151 per share aggregating to Rs 904.47 crore on May 30, 2024. The stock gave multibagger returns of 300 per cent in just 1 year and a whopping 800 per cent in 5 years. Investors should keep an eye on this multibagger stock under the radar.

Disclaimer: The article is for informational purposes only and not investment advice.