Inox Wind hits 5% upper circuit after subsidiary sells 3 SPVs to Adani Energy

Shares of Inox Wind Energy rallied 5 per cent to hit the upper circuit at Rs 1,223 in Tuesday’s trade after its arm Inox Green Energy Services sold its entire equity stake in three special purpose vehicles (SPVs) to Adani Green Energy.

Adani Green Energy on Monday said it acquired three entities from Inox Green Energy Services (IGESL) each holding 50 MW operational wind power projects at Dayapar in Gujarat.

The three SPVs acquired by Adani Green Energy are Wind One Renergy Limited (WORL), Wind Three Renergy Limited (WTRL) and Wind Five Renergy Limited (SFRL).

They had a combined turnover of Rs 121 crore in FY22 (WORL Rs 42.3 cr, WTRL Rs 42.2 cr and WFRL Rs 36.5 cr), Adani Greens said in an exchange filing.

Inox Wind shares have gained about 37 per cent in the past one year, while it has surged about 44 per cent year-to-date.