On 27th June 2025, Inox Leasing and Finance Limited—along with persons acting in concert (PACs)—disclosed to the stock exchanges that they have collectively acquired 52,92,18,280 equity shares of Inox Wind Limited, following the implementation of the Scheme of Amalgamation between Inox Wind Energy Limited and Inox Wind Limited.

This transaction was formalized on 24th June 2025, pursuant to the approval granted by the Hon’ble National Company Law Tribunal (NCLT), Chandigarh Bench, through its order dated 23rd May 2025. As per the scheme, Inox Wind Limited issued new shares to the shareholders of the erstwhile Inox Wind Energy Limited, resulting in a significant shift in shareholding pattern.

Pre-Acquisition Holding

Prior to the acquisition, the combined promoter group holding stood at 18,83,00,064 equity shares, accounting for 14.44% of the then paid-up share capital of Inox Wind. The major promoter entities and individuals included:

• Inox Leasing and Finance Ltd: 6,54,19,044 shares (5.02%)

• Aryavardhan Trading LLP: 6,82,00,000 shares (5.23%)

• Devansh Trademart LLP: 5,46,81,020 shares (4.19%)

Other promoter individuals (Vivek Kumar Jain, Devendra Kumar Jain, Devansh Jain, and Nandita Jain) held no shares before the allotment.

Post-Acquisition Allotment

Following the merger and allotment of 52.92 crore fully paid-up equity shares of face value ₹10 each, the promoter group increased its aggregate shareholding to 71,75,18,344 equity shares, which represents 44.18% of the expanded paid-up share capital.

Breakdown of the newly acquired shares is as follows:

• Inox Leasing and Finance Ltd: 36,75,01,806 shares (21.64%)

• Vivek Kumar Jain: 3,18,82,440 shares (1.96%)

• Aryavardhan Trading LLP: 3,52,43,100 shares (1.14%)

• Devansh Trademart LLP: 9,43,37,502 shares (4.99%)

• Minor stakes by Devendra, Devansh, and Nandita Jain

With this, the final post-allotment holdings are:

• Inox Leasing: 43,29,20,850 shares (26.66%)

• Vivek Kumar Jain: 3,18,82,440 shares (1.96%)

• Aryavardhan Trading LLP: 10,34,43,100 shares (6.37%)

• Devansh Trademart LLP: 14,90,18,522 shares (9.18%)

• Other individuals: 63,200 shares each held by Devansh and Nandita Jain

Capital Structure Post-Amalgamation

The acquisition has led to a significant increase in the equity share capital of Inox Wind.

• Pre-acquisition share capital: ₹1,303.79 crore (130.37 crore shares)

• Post-acquisition share capital: ₹1,624.13 crore (162.41 crore shares)

The total diluted shareholding of the acquirer group now stands at 44.18%, a notable jump from the previous 14.44%, effectively cementing a strong promoter grip over Inox Wind.

Mode and Rationale of Acquisition

The entire acquisition was effected through a court-sanctioned Scheme of Amalgamation, and not via open market, public offer, or preferential allotment. This method enabled the integration of group entities and consolidation of shareholding.

As per SEBI norms, the disclosure under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 was filed to BSE Limited and NSE on 27th June 2025, marking regulatory compliance.

About the Acquirer Group

The acquirer group includes:

• Inox Leasing and Finance Limited, the flagship investment arm of the Inox Group

• Vivek Kumar Jain, Director

• Devendra Kumar Jain, Devansh Jain, and Nandita Jain — all part of the Inox promoter family

• Aryavardhan Trading LLP and Devansh Trademart LLP, Inox family-linked investment entities

All acquirers are part of the promoter/promoter group of Inox Wind Limited.

Conclusion

This strategic share acquisition by Inox Leasing and its PACs through a merger with Inox Wind Energy Limited is a major milestone for Inox Wind Limited. The 44.18% stake will provide the promoters with greater strategic control over business operations, aiding governance, capital structuring, and future investments.

The transaction also reflects Inox Group’s continued commitment toward renewable energy expansion, consolidation of group interests, and value creation for shareholders in the long term.

With the equity structure realigned and promoter group strengthening its hold, Inox Wind now gears up for a new growth phase, bolstered by integration and streamlined management.

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