Suzlon Energy board approves raising funds up to ₹2,000 crore; check details

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Suzlon Energy board has approved raising of funds up to ₹2,000 crore, announced the renewable energy company in a regulatory filing to the stock exchanges on Friday. Earlier this week, Suzlon Energy had said that the company will consider and approve raising of capital at its board meeting scheduled for July 7.

In its exchange filing, Suzlon Energy said that the board has approved the ‘’issuance of such number of fully paid-up equity shares and / or convertible bonds (CBs), and / or non-convertible debt instruments and / or any other instruments and / or combination of instruments with or without detachable warrants with a right exercisable by the warrant holders to convert or subscribe to the equity shares or otherwise, in registered or bearer form or any combination of the securities, in one or more tranches, denominated in Indian Rupee, through one or more private offerings or qualified institutions placement and / or any combination thereof, for an aggregate consideration not exceeding Rs.2,000 crore,'' The fundraising will be ‘’in accordance with the applicable laws including the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 and the Companies Act, 2013, each as amended, subject to receipt of all necessary approvals, if and to the extent required,'' the company added in its statement. Suzlon Energy share price has been in uptrend for the last one and half months and the energy stock has risen from around ₹8.20 to ₹18.37 apiece levels, delivering more than 100 per cent return in this time.

In last one month, the stock has risen from around ₹11 to ₹16.80 apiexe levels, logging near 50 per cent rise during the period.   This copy is being updated.