scorecardresearchSuzlon to raise ₹1,200 cr via rights issue

Suzlon to raise 1,200 cr via rights issue

Updated: 26 Sep 2022, 08:18 AM IST
TL;DR.
Suzlon: The Securities Issue Committee of the Board, at its meeting held on Sunday, approved the rights issue, the company said in a regulatory filing.
Indian rupee coins in a bowl arranged for a photograph at a general store in Mumbai, India, on Wednesday, July 20, 2022. The rupee slid to all-time low of 80.06 per dollar on Tuesday, and has lost 2.4% over the past month, the third-worst performing Asian currency over the period. Photographer: Dhiraj Singh/Bloomberg

Indian rupee coins in a bowl arranged for a photograph at a general store in Mumbai, India, on Wednesday, July 20, 2022. The rupee slid to all-time low of 80.06 per dollar on Tuesday, and has lost 2.4% over the past month, the third-worst performing Asian currency over the period. Photographer: Dhiraj Singh/Bloomberg

(PTI) Suzlon Energy on Sunday said its board has approved raising 1,200 crore via a rights issue of 240 crore shares.

The Securities Issue Committee of the Board, at its meeting held on Sunday, approved the rights issue, the company said in a regulatory filing.

The company will raise 1,200 crore through issuance of 240 crore shares with face value of 2 each at an issue price of 5 per share.

The number of outstanding equity shares will increase from 1007,30,87,083 to 1247,30,87,083 after the issue (assuming full subscription).

Five rights equity shares will issued for every 21 fully paid-up equity shares held by the eligible shareholders of the company.

If the shareholding of any of the eligible equity shareholder is five or more, such shareholders will be entitled to at least one one equity share, it added.

First Published: 26 Sep 2022, 08:18 AM IST