Suzlon Energy Limited, one of India's top manufacturers in the wind component manufacturing segment as per capacity and one of the top renewable O&M service providers in India, as per capacity serviced (Source: CRISIL Report), announced the successful closure of the issue of 240 crore partly paid-up Equity Shares on rights basis to the eligible equity shareholders (the "Rights Issue") which was launched on October 11, 2022.
The issue resulted into subscription of 435.46 crore shares* resulting into oversubscription by 1.8x times. The issue period was from October 11, 2022, to October 20, 2022.
The issue size was 240 crore 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) aggregaƟng 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.
The funds raised via rights issue are in multiple calls - first call at time of application is Rs. 600 crores, which will be used in the manner described in the letter of offer, including for repayment or pre-payment of a portion of certain outstanding borrowings availed by the Company and its subsidiaries.
The allotment and listing formalities of the new shares on the BSE & NSE is expected to be completed by 1st week of November 2022.
Intermediaries for this rights issue: Inga Ventures Private Limited - the lead manager to the Issue, S&R Associates - the Legal Advisor to the Company as to Indian law, IndusLaw - the Legal Advisor to the Lead Manager as to Indian law and IndusInd Bank Limited - the Banker to the Issue.
Shares of Suzlon Energy Limited was last trading in BSE at Rs. 8.90 as compared to the previous close of Rs. 9.24. The total number of shares traded during the day was 106741156 in over 31509 trades.
The stock hit an intraday high of Rs. 9.60 and intraday low of 8.14. The net turnover during the day was Rs. 941709816.00.
*Source: BSE website