Inox Wind Energy Shares Gain After Its Promoters Sell Stake To Pay Debt
The promoters raised Rs 500 crore after selling equity shares in large trade.
Shares of Inox Wind Energy Ltd. hit a record high on Wednesday after its promoters raised Rs 500 crore after selling equity shares in a large trade.
The funds raised are proposed to be infused into Inox Wind Energy and will be utilised for the repayment of the company's existing debt, it said in a press release.
This is a significant step taken by Inox Wind Energy towards becoming net-debt free, the company said.
Shares of Inox Wind Energy surged 6.57% as of 9:58 a.m., compared to a 0.3% decline in the benchmark Nifty 50.
The stock hit a lifetime high of Rs 3,042 apiece on Wednesday. It has gained fivefold, or 457%, in the past year.
The total traded volume so far in the day stood at 1.4 times its 30-day average. The relative strength index is at 78.48, implying that the stock is overbought, according to Bloomberg data.