Home / Companies / News /  Suzlon Energy’s rights issue to raise 1,200 crore opens on 11 Oct

New Delhi: Suzlon Energy Ltd on Wednesday announced the opening of its 1,200 crore rights issue on 11 October, the company said in a statement.

The company will issue up to 240 crore partly paid-up equity shares for cash, at a price of 5 per rights equity share (including a premium of 3 per rights equity share) aggregating up to 1,200 crore on a rights basis to its eligible equity shareholders in the ratio of five 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, 4 October.

The last date of on-market renunciation of rights entitlements is October 14, the company said.

The promoters and promoter group have confirmed their participation and they will be fully subscribing to the extent of their rights entitlement.

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.

Suzlon Energy Ltd, an industrial firm with a market valuation of Rs. 8,898.09 crore, is a mid-cap corporation. One of the leading providers of renewable energy solutions in India, Suzlon has presence in 17 nations spanning Asia, Australia, Europe, Africa, and America.

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