Inox Clean Energy raises Rs 3,100 cr

New Delhi: Inox Clean Energy has raised Rs 3,100 crore in an equity funding round diluting around 6 per cent stake to multiple foreign and domestic investors, sources said. In a statement on Wednesday, the company said it will utilise the proceeds towards achieving 10 gigawatt capacity target by FY28.

Inox Clean Energy Ltd (Inox Clean), along with its subsidiary Inox Solar Ltd, has tied up equity totalling Rs 3,100 crore, the INOXGFL Group company said without sharing details related to quantum of the stake. The equity at Inox Clean was tied up at a pre-money valuation of Rs 50,000 crore.

The equity round witnessed participation from marquee foreign and domestic investors, including CalPERS (California Public Employees’ Retirement System, the largest pension fund in the US), SUN Group Global, Authum Investments,

Akash Bhansali, among other family offices and HNI investors, either directly or through their investment vehicles. As per market sources, the company has diluted 5.8 per cent equity to these investors.

Inox Clean Energy is looking to file DRHP for its IPO during this quarter and looks to raise funds in the range of Rs 6,000-10,000 crore from the public issue. A query sent to the company in this regard remained unanswered.