Suzlon Energy to convert 16 lakh partly paid-up to fully paid-up equity shares

Suzlon Energy share price will be in focus on Thursday after the company’s board of directors approved the conversion of 16.2 lakh partly paid-up shares into fully paid-up equity shares.

“The Board of Directors of the Company at its meeting held on 11th October 2023, approved conversion of 16,20,352 partly paid-up equity shares having a face value of ₹2.00 each with Re 1.00 paid-up in to fully paid-up equity shares having a face value of ₹2.00 each with ₹2.00 paid-up on receipt of First and Final Call aggregating to ₹40,50,880,” Suzlon Energy said in an exchange filing on Wednesday.

The renewable energy solutions provider said it was in process of completing necessary formalities for corporate actions and obtaining listing and trading approvals.

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At present, Suzlon Energy’s paid-up capital is ₹2,718.85 crore divided into ₹1,357.58 crore fully paid-up equity shares having a face value of ₹2 and ₹3.68 crore partly paid-up equity shares having a face value of ₹2.00 each with Re 1 each paid-up.

Suzlon shares are higher volatile this week after the stock was put on Direct stage IV “ASM framework" with effect from October 9, 2023. ASM stands for Additional Surveillance measures.

Suzlon shares hit lower circuit limits for two consecutive sessions on October 9 and 10.

On Wednesday, Suzlon Energy shares ended at 5% upper circuit of ₹27.72 apiece on the BSE.