Suzlon Energy gets shareholder nod for fund raising via QIP
Renewable energy solutions provider Suzlon Energy on 8 August has said that the company has received shareholders’ approval for raising funds via QIP. “In this context and in terms of Regulation 30 read with Schedule III(A)(13) of the Listing Regulations, we wish to further inform that the shareholders have approved the resolution proposed by the Company vide Postal Ballot Notice dated 7th July 2023 by requisite majority," the company said in a BSE filing.
Earlier on 7 July, it had said its board has approved a proposal to raise up to ₹2,000 crore. The company will explore various financial routes to raise the amount, it had said in a BSE filing.
The board approved "issuance of such number of fully paid-up equity shares and/or convertible bonds 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 one or more tranches, denominated...for an aggregate consideration not exceeding ₹2,000 crore," Suzlon Energy said in the exchange filing. On 14 July, the company had also secured an order of 100.8 MW wind power project from Everrenew Energy, however, the value of the order was not disclosed.
The company said it would supply wind turbines and supervise the execution and commissioning of the project in Tamil Nadu wherein it would install 48 wind turbine generators (WTGs). Apart from this, on 25 July, Suzlon Energy announced its Q1 results wherein it registered a 96 percent decline in consolidated net profit at ₹101 crore in the April-June quarter, compared to ₹2,433.33 crore in the corresponding period last year.
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