Promoters of Inox Wind Ltd. have raised Rs 500 crore through the sale of shares carried out via block deals on Tuesday. The funds raised will be infused into the company for paring its existing debt as it looks to become debt-free.

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The repayment of debt will enhance the company’s financial strength and growth prospects, the stock exchange filing mentioned.

According to market data, Inox Wind promoter Inox Wind Energy Ltd. sold 1.46 crore shares at a price of Rs 208 per share through block deals, taking the deal value to around Rs 305 crore.

Another promoter group entity Devansh Trademart LLP sold around 94 lakh shares are the same price to raise around Rs 195 crore through block deals.

Among major buyers, Nippon India Mutual Fund bought around 96 lakh shares for Rs 200 crore, and ICICI Prudential Mutual Fund purchased 50 lakh shares for around Rs 105 crore.

Inox Wind is part of the $5 billion Inox GFL Group. It is an integrated player in the wind energy market and has three manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh.

The Inox GFL Group includes companies like Gujarat Fluorochemicals and Inox Wind. Gujarat Fluorochemicals is engaged in the manufacturing of specialty chemicals.

Shares of Inox Wind are trading 0.5 percent lower at Rs 223.50. The stock has doubled on a year-to-date basis.