Home / Markets / Stock Markets /  Suzlon promoters to subscribe entire contribution  in  rights  issue

The promoters of Wind turbine maker Suzlon Energy Ltd on Monday confirmed its participation in the proposed 1,200 crore rights issue, following the demise of founder and chairman Tulsi Tanti due to acardiac arrest on 1 October.

In a stock exchange filing on Monday, the Suzlon promoter group said they will subscribe to their portion of the rights issue.

“In continuation to the announcement dated 2 October 2022, the promoters and promoter group have re-confirmed their participation in the proposed rights issue and expressed their intention to subscribe to the full extent of their rights entitlement. Accordingly, the company will continue to follow the schedule for the proposed rights issue set out in its letter of offer (LOF) dated 28 September. An addendum to the LOF will follow," the stock exchange filing said.

Suzlon’s rights issue opens on 11 October. The company will be issuing 2.4 billion partly paid-up shares for cash, at a price of 5 per equity share aggregating up to 1,200 crore to eligible shareholders in a ratio of five shares for every 21 fully paid-up equity shares held by eligible shareholders on 4 October.

The last date for on-market renunciation of the rights entitlements has been set at 14 October. The issue will close on 20 October.

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