Multibagger Energy Stock Hit New 52- week High. Do you have in your portfolio??
Shares of the wind energy generating firm Inox Wind Energy surged 7.7% on Wednesday and hit a new 52-week high of Rs 3,042 apiece in the session after the company concluded the sale of Inox Wind's equity shares through block deals by its promoter entities.
Inox Wind Energy announced that its subsidiary Inox Wind’s promoter and promoter group entities successfully raised approximately Rs 500 crore by selling the company’s equity shares through a well-executed block deal on the stock exchanges.
The funds raised are proposed to be strategically infused into Inox Wind and proposed to be utilized for the repayment of Inox Wind’s existing debt, the wind energy player noted.
This would lead to bolstering the company’s balance sheet, thereby enhancing the financial strength and growth prospects of Inox Wind Energy as well as Inox Wind.
“These funds will reduce our debt, provide greater financial flexibility, unlock a plethora of new expansion opportunities, and is a significant step in the company’s path towards becoming net-debt free,” stated the Executive Director of INOXGFL Group, Devansh Jain.
The small-cap energy stock has skyrocketed 203.7% so far in the calendar year 2023 and has rallied impressively by 436.95% over the past year, making it multibagger in nature.
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