Inox GFL Group raises around Rs 15 billion across entities to pare down debt

The Inox GFL Group has raised around Rs 15 billion across its entities. This funding has been used to pare down debt substantially across its operating companies and consequently the interest outgo will reduce substantially. Around Rs 7.4 billion was recently raised through an initial public offering (IPO) of IGESL and the funds raised have been primarily utilised towards debt repayment. Further, the promoters have raised Rs 7.20 billion through the sale of shares of GFL. The sale proceeds amounting to Rs 6.23 billion (net of expenses and taxes) have been in­fus­ed in IWL. In turn, IWL has repaid the advances it took from GFL to set up wind energy capacities.