Inox GFL Group has raised around Rs 15 billion across its entities in the last fortnight.
This funding has been used to pare down debt substantially across its operating companies and consequently the interest outgo will reduce substantially. Around Rs 7.40 billion was recently raised through an initial public offering of Inox Green Energy Services Limited (IGESL) and the funds raised have been majorly utilised towards debt repayment. Further, the promoters have recently raised Rs 7.20 billion through sale of shares of Gujarat Fluorochemicals Limited (GFL). The sale proceeds, Rs 6.23 billion (net of expenses and taxes), have been infused in Inox Wind Limited (IWL). In turn IWL has repaid the advances it took from GFL to set up wind energy capacities.