Inox Wind Energy Limited said that it has divested a stake of 1.38% in its subsidiary — Inox Wind Limited (IWL) in the open market through stock exchanges.

The Indian wind energy solutions provider said that the mandatory disclosures in this connection were made to IWL, which in turn revealed to the stock exchanges.

According to Inox Wind Energy, subject to market conditions and approvals, it could sell a further stake in IWL of up to 3.62%.

The wind farm developer said that it intends to use the proceeds from the sale of the equity shares to meet its long-term working capital requirements via a suitable instrument.

Inox Wind Energy stated: “Further investment of funds into IWL will also be subject to receipt of necessary Board and shareholders approvals and other authorizations and consent as may be required by IWL.”

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