Inox Green Energy shares rally 16%; here’s why

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Shares of Inox Green Energy Solutions surged nearly 16 per cent after the company announced the sale of its entire equity stake in its subsidiary, Aliento Wind Energy, to Nani Virani Wind Energy. The deal was executed on November 30 for a nominal cash consideration of ₹1 per share, totalling ₹ 1,00,000 for 1,00,000 equity shares.

Following the transaction, Aliento Wind Energy ceased to be a subsidiary of Inox Green Energy. While Nani Virani Wind Energy is controlled by significant beneficial owners of Inox Green Energy, it is not part of the company’s promoter group. 

The stock prices of Inox Wind and Inox Wind Energy rose by nearly 4.34 per cent and 5 per cent, respectively, on BSE, closing at ₹10,600.00 and ₹200.85.

Inox Green Energy Solutions stock closed at ₹171.85, up 15.92 per cent on BSE. During the session, it hit an intra-day high of ₹177.00 and a low of ₹146.70.