Shares of Inox Wind Energy Ltd. hit a record high on Wednesday after its promoters raised Rs 500 crore after selling equity shares in a large trade.
The funds raised are proposed to be infused into Inox Wind Energy and will be utilised for the repayment of the company's existing debt, it said in a press release.
This is a significant step taken by Inox Wind Energy towards becoming net-debt free, the company said.
Shares of Inox Wind Energy surged 6.57% as of 9:58 a.m., compared to a 0.3% decline in the benchmark Nifty 50.
The stock hit a lifetime high of Rs 3,042 apiece on Wednesday. It has gained fivefold, or 457%, in the past year.
The total traded volume so far in the day stood at 1.4 times its 30-day average. The relative strength index is at 78.48, implying that the stock is overbought, according to Bloomberg data.
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