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Home Asian Business

Suzlon Energy’s ₹1,200 crore rights issue to open on October 11, 2022

by Chandler
October 3, 2022
Reading Time: 4min read
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  • Number of outstanding equity shares of the company (“Equity shares”) post issue will increase from 10,07.31 crore to 12,47.31 crore (assuming full subscription and full call money received in respect of the allotted equity shares related to the rights issue)
  • A total of 240 crore partially paid-up equity shares of Anari Company valued at ₹ 2 each at a price of ₹ 5 per rights equity share (including a premium of ₹ 3 per rights equity share) based on the rights of the qualifying equity shareholders of our company totaling up to ₹ 1,200 crore* (“Rights Equity Shares”) will be issued.

*Assuming full subscription and all call money related to rights equity shares will be received

  • The ratio of rights to equity shares is 5:21.
  • The issue will close on October 20, 2022

Ahmedabad, Suzlon Energy Limited, one of the top renewable O&M service providers in India in terms of capacity and ability to serve India’s wind component manufacturing segment (Source: CRISIL Report) has announced the opening of its ₹1,200 crore rights issue on October 11, 2022.

Suzlon Energy's ₹1,200 crore rights issue to open on October 11, 2022
Tulsi Tanti Chairman Suzlon Group

The Company will issue up to 2,400,000,000 partially paid-up equity shares for cash, with a rights equity price of ₹5 per share (including a premium of ₹3 per rights issue) and a total issue of up to ₹1,200 crore*. For this purpose, the basis of the Rights shall be considered in the ratio of 5 Rights Equity Shares for every 21 fully paid-up Equity Shares held by the Eligible Equity Shareholders on the Record Date i.e. Tuesday, October 4, 2022. The last date on the market to leave the rights is October 14, 2022.

* Assuming full subscription and all call money related to rights equity shares will be received.

Schedule of Issue:

Date of record Tuesday, October 4, 2022
Last date for deposit of rights entitlements Monday, October 10, 2022
Date of issue opening Tuesday, October 11, 2022
Last date on release of rights entitlements to the market # Friday, October 14, 2022
Date of issue closure * Thursday, October 20, 2022

# Eligible equity shareholders are requested to ensure that the off-market transfer process is completed in such a manner that the rights entitlements are credited to the demat account of the transferee on or before the closing date.

* Our Board or a duly authorized committee shall have the right to extend the period of the Issue, as may be determined from time to time, provided that the Issue Opening Date (including the Issue Opening Date) shall not exceed 30 days.

Also, no applicant will be allowed to withdraw the application after the issue closing date. The promoters and the promoter group have confirmed their participation and will fully subscribe up to their rights entitlement.

The funds received through the issue will be used for repayment or prepayment of certain outstanding indebtedness incurred by the Company and its subsidiaries as well as for ordinary corporate operations, subject to approval from our lenders. The Lead Manager of the Issue is – Inga Ventures Private Limited.

.Source

Tags: croreEnergysissueOctoberopenrightsSuzlon

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