Inox Green's Vibhav ceases to be wholly-owned after ₹150 crore ICD-to-equity conversion

Inox Green Energy Services told the exchanges that on 9 October 2026 its wholly-owned subsidiary Vibhav Energy Private Limited converted inter-corporate deposits (ICDs) into equity shares. The conversion follows an earlier disclosure dated 7 October 2026 regarding the ICDs extended to Vibhav. As a result of the allotment, Vibhav has ceased to be a wholly-owned subsidiary and now continues as a subsidiary of the company.

Two blocks of shares were allotted simultaneously: one to Inox Green, converting its own ICDs, and a larger one to Authum Investment & Infrastructure Limited, converting Authum's ICDs. Following the allotments, Inox Green holds 75% of Vibhav and Authum holds 25%. The company framed the step as a restructuring of its existing financial exposure under the inter-corporate facility agreement, with the consideration being non-cash and no fresh cash outflow involved. The transaction was reported as completed, with no governmental or regulatory approval required.

Per the filing, Vibhav was incorporated in July 2017 and provides operation and maintenance services for wind power service providers within India. Its turnover was nil in FY 2025-26 and in each of the last three years. The conversion is classified as a related party transaction done at arm's length, since Vibhav is a subsidiary; the company said neither the promoter nor promoter group has any direct interest beyond that.

The step moves Inox Green from full ownership of Vibhav to a 75% stake, bringing in Authum as a 25% co-owner through debt-to-equity conversion. Because it converts outstanding ICDs rather than deploying new cash, it alters the structure of Inox Green's exposure to Vibhav rather than adding to it.