Inox Wind Approves Allotment of Rs 199 Cr NCDs to Investors

Inox Wind has confirmed that a committee of its board has approved the allotment of non-convertible debentures (NCDs) worth Rs 199 crore to identified investors

Inox Wind has confirmed that a committee of its board has approved the allotment of non-convertible debentures (NCDs) worth Rs 199 crore to identified investors. The firm announced that Board has approved the allotment of a total of 1990 NCDs to the investors that were identified at a previous committee meeting.

“IWL’s (Inox Wind Ltd) committee of the board of directors for operations…at its meeting held today i.e. 10 November 2020, has approved the allotment of 1,990 rated, listed, secured, redeemable, non-convertible debentures,” according to a BSE filing.

The debentures have a face value of Rs 10 lakh each, aggregating to Rs 199 crore, it added. The committee at its meeting on November 5 identified investors for this allotment.

Last month, the firm had announced that it had received a new order for the supply and installation of wind turbine generators of 40 MW capacity from retail customers spread across various industries. The projects will be executed on a turnkey basis across locations in Gujarat and Karnataka. And the orders are expected to be commissioned by March 2021.

The contracts include supply and commissioning of 2 MW DFIG 113 meters rotor diameter Wind Turbine Generators (WTGs) as well as providing comprehensive operations and maintenance services for the lifetime of the project.

In August, we had reported that for the quarter ended June 30, 2020, Inox Wind had revealed a total income of Rs 101.90 crore, dropping more than Rs 160 crore over the same quarter last year (Rs 264.53 crore). The firm has also reported that its consolidated net loss widened to Rs 73.27 crore in the quarter as compared to the year-ago period. The company’s loss in April-June 2019-20 was at Rs 14.16 crore.

On the impact of COVID-19, the company had said that “considering that the group is in the business of manufacturing wind turbine generator in renewable energy which is considered to be an essential service, the management believes that the impact of this outbreak on the business and financial position of the group will not be significant.”

However, it also added that its Group management does not see any risks in the Group’s ability to continue as a going concern and meeting its liabilities as and when they fall due.