Wind energy solutions provider Inox Wind Limited (IWL) has entered into a consortium agreement with a group of 10 banks, spearheaded by ICICI Bank, the company announced on Monday.
The agreement grants credit facilities worth approximately Rs 2,200 crore, with the potential to increase to Rs 2,400 crore based on a working capital assessment conducted by ICICI Bank.
The shares of Inox Wind closed in the greens up 5.16%, at Rs 253.90 a piece on BSE.
The company also said that these limits are predominantly non-fund based, including bank guarantees (BGs) and letters of credit (LCs). The facilities have been granted on the strength of IWL's balance sheet, without requiring corporate guarantees or additional financial support from its parent company, Gujarat Fluorochemicals Ltd. (GFL).
With this agreement, any previous corporate guarantees or financial backing extended to IWL by GFL will be vacated in the near future.
Furthermore, IWL said that its recent successful fundraises have resulted in the company achieving a net cash-positive balance sheet, solidifying its financial standing.
“This consortium arrangement underscores the banking community's confidence in IWL’s financial strength. It is the result of sustained efforts over the past several quarters, bolstered by the company’s strong operational performance and positive outlook," said Akhil Jindal, Group CFO of the INOXGFL Group.
The agreement grants credit facilities worth approximately Rs 2,200 crore, with the potential to increase to Rs 2,400 crore based on a working capital assessment conducted by ICICI Bank.
The shares of Inox Wind closed in the greens up 5.16%, at Rs 253.90 a piece on BSE.
The company also said that these limits are predominantly non-fund based, including bank guarantees (BGs) and letters of credit (LCs). The facilities have been granted on the strength of IWL's balance sheet, without requiring corporate guarantees or additional financial support from its parent company, Gujarat Fluorochemicals Ltd. (GFL).
With this agreement, any previous corporate guarantees or financial backing extended to IWL by GFL will be vacated in the near future.
Furthermore, IWL said that its recent successful fundraises have resulted in the company achieving a net cash-positive balance sheet, solidifying its financial standing.
“This consortium arrangement underscores the banking community's confidence in IWL’s financial strength. It is the result of sustained efforts over the past several quarters, bolstered by the company’s strong operational performance and positive outlook," said Akhil Jindal, Group CFO of the INOXGFL Group.
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