Inox Green Energy, Inox Wind shares soar on subsidiary divestment
Shares of Inox Green Energy Services surged over 17% on Monday, hitting an intraday high of Rs 174, after the company said it had sold its entire equity stake in its wholly-owned unit Aliento Wind Energy to Nani Virani Wind Energy for a cash consideration at face value of Rs 1 per share.
Parent company Inox Wind rose nearly 10% to Rs 209.80, while Inox Wind Energy, a promoter group entity, climbed 5% to Rs 10,667.50.
In a filing with the BSE, the company said that the transaction was executed on November 30, resulting in Aliento Wind Energy ceasing to be its subsidiary. Nani Virani Wind Energy is a related party controlled by significant beneficial owners of Inox Green Energy but Nani Virani does not belong to 'promoter or promoter group' of the company, Inox Green Energy Services said.
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Inox Wind, holding a 56.35% stake in Inox Green Energy Services as of September, and Inox Wind Energy, with a 33.83% stake in Inox Wind, witnessed positive market sentiment following the announcement. The divestment is part of Inox Green Energy’s strategy to streamline operations and focus on core business areas in the renewable energy sector.
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