Inox Wind share price falls 9% after ₹414 crore block deal; Promoter said to be seller

Shares of Inox Wind Ltd. declined as much as 9% on Tuesday after a large trade that took place in the stock.

As many as 2.75 crore shares or 5% of the company’s total equity changed hands in a block deal that took place on the exchanges. The average price at which the shares changed hands was ₹151 per share, taking the total transaction value above ₹400 crore.

CNBC Awaaz had reported on Monday evening citing sources that Inox Wind promoter Inox Wind Energy Ltd. (IWEL) planned on selling up to 5% of the company’s total equity in a deal that was to take place between ₹148 to ₹150 per share.

As of the March quarter-end, Inox Wind Energy Ltd. held a 38.43% stake in the company. Including other promoter entities, the promoter group held a 52.87% stake in the company. In case the promoter entity is indeed the seller, the promoter stake in Inox Wind will fall below the 50% mark.

Shares of Inox Wind recently started trading ex-bonus. The company had issued three free shares for every one share held.

Buyers and sellers in this transaction remain unknown on an official basis.

Shares of Inox Wind are currently trading 9.1% lower at ₹149.30. The stock is now up only 13% so far in 2024. Despite this drop, shares of Inox Wind have risen over 350% in the last 12 months.