Suzlon Energy rights issue worth Rs1,200 crore to open on October 11

29 Sep 2022 , 09:16 AM

Suzlon Energy Limited has announced the opening of its Rs1,200 crore Rights Issue, on October 11, 2022.

As per the filing, the Company will issue up to 2,400,000,000 partly paid-up Equity Shares for cash, at a price of Rs5 per Rights Equity Share (including a premium of Rs3 per Rights Equity Share) aggregating up to Rs1,200 crore on a rights basis to its eligible equity shareholders in the ratio of 5 rights equity shares for every 21 fully paid-up equity shares held by the eligible equity shareholders on the record date, that is on Tuesday, October 4, 2022. The last date of on-market renunciation of rights entitlements is October 14, 2022.

The Promoters and Promoter Group of the company have confirmed their participation and they will be fully subscribing to the extent of their rights entitlement.

Further, “The funds raised through the Issue will be used for repayment or pre-payment of a portion of certain outstanding borrowings availed by the Company and its subsidiaries and for general corporate purposes, subject to receipt of consent from our lenders.

Inga Ventures Private Limited is the lead manager to the Issue.

On Thursday early morning trade, Suzlon Energy Ltd is currently trading at Rs8.42 per share up by Rs0.31 or 3.82% from its previous closing of Rs8.11 per share on the BSE.

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