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Suzlon drops $360 mn rights issue plan

Suzlon drops $360 mn rights issue plan
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First Published: Mon, Oct 27 2008. 02 39 PM IST
Updated: Mon, Oct 27 2008. 02 39 PM IST
Mumbai: Wind turbine maker Suzlon said that it was suspending an Rs18 billion ($360 million) rights share issue due to falling markets.
The move will not impact expansion plans of the company, it said in a statement.
The rights issue was planned to fund the acquisition of a stake in REpower from Portugal’s Martifer and other minority shareholders.
Suzlon said that it had also agreed to suspend negotiations to conclude a domination agreement with REpower.
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First Published: Mon, Oct 27 2008. 02 39 PM IST