Suzlon Energy rights issue of ₹1,200 crore to open on October 11

Suzlon Energy on Wednesday announced opening of its ₹1,200 crore rights issue on October 11, 2022.

“Suzlon Energy Ltd. announces the opening of its ₹1,200 crore rights issue on October 11, 2022,” a company statement said.

According to the statement, the company will issue up to 2,40 crore partly paid-up equity shares for cash at a price of ₹5 per share (including a premium of ₹3 per rights equity share) aggregating up to ₹1,200 crore. The issue will be in the ratio of 5 rights equity shares for every 21 fully paid-up equity shares held by the eligible shareholders on the record date of October 4, 2022.

The last date of on-market renunciation of rights entitlements is October 14, 2022.

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

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, it stated.

Inga Ventures Private Limited is the lead manager to the issue.