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Inox Wind Cracks 10% After Block Deal of 5% Took Place

28 May 20243 mins read by Angel One
Inox Wind's share has fallen 10% to its lower circuit limit after a large block deal of 5% of the company's total equity on the exchanges today.
Inox Wind Cracks 10% After Block Deal of 5% Took Place
ShareShare on 1Share on 2Share on 3Share on 4Share on 5

Inox Wind Ltd. is an Indian wind energy service provider, headquartered in Noida, India, and a subsidiary of the Inox Group. It manufactures Wind Turbine Generators (WTGs) and provides services such as wind resource assessment, site acquisition, and more. The shares of Inox Wind have cracked down by 10% today as a large block deal for the stock has taken place.

Inox Wind Block Deal

Inox Wind shares tumbled by 10% as a block deal involving 2.75 crore shares, equivalent to 5% of the company’s total equity, occurred on the exchanges, The transaction was recorded at Rs.151 per share which resulted in a total transaction value exceeding Rs.400 crores. It is being reported that the promoter group of the company is said to be the seller in this block deal. The stock currently sits at its lower circuit of -10% at Rs.147.75 a piece.

Inox Wind Holding Pattern

As of March 2024, The promoter group has the highest stake in the company with 52.87% out of which Inox Wind Energy owns a 38.43% stake. The retailers and FIIs at 27.39% and 9.46% respectively. 

Shareholding Pattern as of March 2024:

Promoters 52.87%
Retail 27.39%
Foreign Institutions 9.46%
Mutual Funds 8.32%
Other Domestic Institutions  1.95%

Conclusion: The recent block deal, involving 2.75 crore shares or 5% of the company’s total equity, had significant market consequences. The shares were traded at an average price of Rs.151 each in this deal which totals to a transaction value exceeding Rs.400 crore. This substantial movement in equity of the company stirred the market, leading to a decline in the stock price. The stock plummeted to its lower circuit limit of 10%  following the deal. The stock has given returns of around 400% over the past year and it currently sits at Rs.147.75 a piece.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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