Inox Green Energy Services announced that its wholly owned subsidiary, Vibhav Energy Private Limited, has executed a Business Transfer Agreement to acquire the operation and maintenance (O&M) business of Wind World (India) Limited (WWIL) for ₹550 crore.

The acquisition was completed on October 6, 2026, following the approval of the resolution plan by the National Company Law Tribunal (NCLT), Ahmedabad Bench. The transaction involves a slump sale on a going concern basis, facilitated by the Implementation and Monitoring Committee (IMC) of WWIL. The IMC extended the completion deadline to October 8, 2026, allowing Vibhav to finalize the payment and agreement execution.

Funding Structure

The total consideration of ₹550 crore was funded through a combination of equity infusion and inter-corporate deposits from Inox Green and its consortium partner, Authum Investment & Infrastructure Limited.

Inox Green infused ₹450 crore into Vibhav. This included ₹250 crore for the subscription of 25 crore equity shares at a face value of ₹10 each, and ₹200 crore as an inter-corporate deposit. Of the ₹200 crore deposit, ₹50 crore is convertible into equity or securities of Vibhav at a future date. The facility carries a fixed interest rate of 12% per annum and is subordinated to restructured debt.

Authum contributed the remaining ₹100 crore via inter-corporate deposits, which are also convertible into equity or securities of Vibhav at a later date under mutually agreed terms.

Regulatory and Operational Context

The NCLT approved the resolution plan submitted by the consortium of Inox Neo Energies Limited and Authum on July 27, 2026. Vibhav was identified as the implementation entity for acquiring WWIL's O&M business. The transfer is subject to the satisfaction of conditions precedent specified in the Business Transfer Agreement.

Vibhav, incorporated in July 2017, reported nil turnover for FY26 and the preceding three years. Post-investment, its paid-up equity share capital stands at ₹250.01 crore, while authorized share capital is ₹500.01 crore. The transaction is classified as a related party transaction but is stated to be at arm's length.

Acquired Asset Profile and Strategic Impact

The acquired business comprises a high-quality 4.5 GW wind portfolio serving marquee clients including the Tata Group, ReNew, Greenko Group, Apraava Energy, and Hindustan Zinc. The assets are located across key wind-rich states such as Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh, and Andhra Pradesh. The portfolio generated revenue of approximately ₹580 crore in FY26 and benefits from contracted annual price escalation of approximately 5%.

Following this transaction, Inox Green's total O&M portfolio stands at ~13.3 GWp (as of June 2026), inclusive of the WWIL assets and a separate ~2 GW wind O&M investment. The company stated that it will own a 75% stake in Vibhav post-completion, enabling line-by-line consolidation of the transferred business' financials. Group CFO Akhil Jindal noted that the transaction multiple works out to approximately 2x EBITDA, based on expected earnings after full realization of synergies over the next year.

What the Numbers Show

The funding structure reveals a strategic preference for flexible capital instruments over pure equity dilution or traditional debt. By structuring ₹300 crore of the total ₹550 crore consideration as inter-corporate deposits (₹200 crore from Inox Green and ₹100 crore from Authum), both parent entities retain optionality. Specifically, ₹150 crore of these deposits (₹50 crore from Inox Green and ₹100 crore from Authum) are explicitly convertible into equity or securities at a future date. This allows the parents to defer final equity valuation decisions until the O&M business demonstrates operational stability, while simultaneously providing Vibhav with immediate liquidity to meet the lump-sum payment obligation.

Furthermore, the valuation metric disclosed by the CFO highlights the operational leverage inherent in the deal. With the acquired business generating ~₹580 crore in revenue against a purchase price of ₹550 crore, the implied revenue-to-price ratio is close to 1:1. However, the stated 2x EBITDA multiple suggests that the buyers are pricing in significant margin expansion through synergies, leveraging Inox Green's existing technology platforms and scale efficiencies to enhance profitability beyond the standalone performance of the WWIL assets.

Inox Green Energy Services Limited has completed the allotment of 1,81,10,473 equity shares at an issue price of ₹165.65 per share through its Qualified Institutions Placement (QIP). The issue raised ₹299,99,99,852.45 (approximately ₹300 crore) from 20 qualified institutional buyers.

The Operations Committee approved the final allocation on September 29, 2026. The issue price reflects a discount of ₹8.71 per share, which is exactly 5% of the previously announced floor price of ₹174.36. Following this allotment, the paid-up equity share capital increased from ₹401,49,20,450 to ₹419,60,25,180.

Pricing and Allocation Details

The final issue price was determined in consultation with the book running lead manager upon receipt of applications from eligible qualified institutional buyers. The allocation includes a premium of ₹155.65 per share over the face value of ₹10.

Key Allottees and Shareholding Pattern

The company disclosed the list of allottees who received more than 5% of the total equity shares offered in the QIP. Bandhan Small Cap Fund emerged as the largest single investor, securing nearly a quarter of the total allotment.

The clubbed allotment for ITI funds includes contributions from ITI Balanced Advantage Fund, ITI Small Cap Fund, ITI Value Fund, ITI Flexi Cap Fund, Diviniti Equity Long Short Fund, and ITI Business Cycle Fund.

Regulatory Compliance and Timeline

The QIP was executed under Chapter VI of the SEBI ICDR Regulations, 2018, and Sections 42 and 62 of the Companies Act, 2013. The issue opened on September 24, 2026, following Board approval on July 22, 2026, and shareholder approval at the Extra-ordinary General Meeting held on August 13, 2026.

The special resolution passed by shareholders allowed the company to offer a discount of not more than 5% on the calculated floor price. The company adopted the final Placement Document dated September 29, 2026, and finalized confirmation notes for allottees.

The trading window for dealing in the securities of Inox Green Energy Services, which was closed effective September 24, 2026, will open on October 2, 2026, in compliance with the SEBI (Prohibition of Insider Trading) Regulations, 2015.