Inox Wind Limited has released the Monitoring Agency report for the quarter ending March 31, 2026, confirming the proper utilization of Rs. 1,249.33 crore raised through its recent Rights Issue. The report indicates that the funds have been effectively applied toward debt repayment, strategic investments in its subsidiary, and general corporate purposes, with no deviations observed in the project objects or expenditure.
Report Overview
Inox Wind Limited has successfully completed its monitoring process for the Rights Issue funds as of the quarter ended March 31, 2026. The total proceeds of Rs. 1,249.33 crore have been utilized in alignment with the objects stated in the original offer document. The Monitoring Agency, CARE Ratings Limited, confirmed that there were no deviations in the utilization of these funds during the reported period.
Utilization Breakdown
The funds were allocated across key strategic initiatives to strengthen the company’s balance sheet and operational capacity:
- Repayment/Redemption of NCPRPS: The full amount of Rs. 560 crore was utilized to redeem non-convertible, non-cumulative, participating, redeemable preference shares issued to the promoter.
- Borrowing Repayments: A sum of Rs. 159 crore was fully utilized for the prepayment and repayment of company borrowings.
- Investment in Subsidiary: The company invested Rs. 250 crore in its material subsidiary, Inox Renewable Solutions Limited (IRSL), to support its debt reduction and repayment obligations. During the quarter alone, Rs. 50 crore was directed toward this objective.
- General Corporate Purposes: Of the Rs. 273.70 crore earmarked for corporate purposes, the company has utilized Rs. 273.64 crore, with minor accounting adjustments noted for bank guarantee reimbursements.
- Issue Expenses: Total expenses related to the Rights Issue amounted to Rs. 6.61 crore out of the projected Rs. 6.63 crore.
Future Outlook
As of March 31, 2026, the company maintains a minimal unutilized balance of Rs. 0.08 crore. The Board of Directors, having reviewed the reports from the independent chartered accountant and the management, has confirmed that the deployment of funds remains strictly in line with the objectives outlined in the offer document. The balance funds are expected to be utilized in accordance with the established timelines.
Source: BSE
