Indowind Energy Limited (BSE: 532894 | NSE: INDOWIND | INE227G01018), a company engaged in wind power generation and distribution, has shared key financial and operational updates aimed at bolstering its balance sheet and supporting growth initiatives.
Rights Issue Proceeds Used to Repay Legacy Liabilities
The company has utilized the proceeds from its Rights Issue to repay:
₹1,163 lakh in loans from associated parties, and approximately ₹925 lakh in outstanding LIC dues.
These repayments have significantly reduced the company’s legacy liabilities.
Lower Debt Levels to Reduce Finance Costs
The reduction in debt is expected to lower interest expenses and related finance costs, enhancing profitability and strengthening the company’s financial position.
Balance Sheet Reset Enables Growth Funding
With legacy obligations addressed, Indowind Energy is now better positioned to raise fresh capital for expansion, allowing it to explore new projects to boost turnover and long-term earnings.
Execution Begins on 4 MW Solar Power Project
Operationally, the company has started implementing contracts for its 4 MW solar power project, marking the shift from planning to execution and paving the way for future revenue generation.
Way Forward
Indowind Energy remains focused on disciplined capital deployment and timely project execution, leveraging its stronger balance sheet to pursue growth opportunities in renewable energy.
Commenting on the developments, Mr. Bala Venckat Kutti, Promoter of Indowind Energy Limited, said: “Our immediate priority has been to strengthen the company’s financial position while preparing for the next phase of growth. The steps taken recently are expected to improve cost efficiency and provide greater flexibility as we execute projects. With work now underway on the solar project, we remain committed to steady progress and building a platform for sustainable performance.”
