Stock Report

Suzlon Energy Limited's ₹1,200 Crore Rights Issue to Open on October 11, 2022



Posted On : 2022-09-28 18:52:27( TIMEZONE : IST )

Suzlon Energy Limited's ₹1,200 Crore Rights Issue to Open on October 11, 2022

Suzlon Energy Limited, one of India's top manufacturers in the wind component manufacturing segment as per capacity and are one of the top renewable O&M service providers in India, as per capacity serviced (Source: CRISIL Report), announces the opening of its ₹1,200 crore Rights Issue, on October 11, 2022.

The Company will issue up to 2,400,000,000 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 5 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, October 4, 2022. The last date of on-market renunciation of rights entitlements is October 14, 2022.

The number of outstanding equity shares of the Company (the "Equity Shares") will increase from 10,07.31 crores to 12,47.31 crores after the issue (assuming full subscription and receipt of all call monies with respect to equity shares allotted pursuant to the rights issue)

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.

Issue Schedule:

RECORD DATE - Tuesday, October 4, 2022
LAST DATE FOR CREDIT OF RIGHTS ENTITLEMENTS - Monday, October 10, 2022
ISSUE OPENING DATE - Tuesday, October 11, 2022
LAST DATE FOR ON MARKET RENUNCIATION OF RIGHTS ENTITLEMENTS # - Friday, October 14, 2022
ISSUE CLOSING DATE - Thursday, October 20, 2022

*Assuming full subscription and receipt of all call monies with respect to Rights Equity Shares

Source : Equity Bulls

Keywords

SulzonEnergy FundRaising RightsIssue