Suzlon Energy on Friday informed that Sun Pharmaceutical Industries Managing Director Dilip Shanghvi has conveyed to the promoters his intention to fully participate in the upcoming rights issue of the company.
In a letter to the promoters, dated 3 October, Dilip Shanghvi said, “It is my intention to participate fully in the rights issue of Suzlon along with subscribing to additional shares. I would appreciate the views of Late Mr. Tulsi Tanti. I am committed. I believe in the future of green energy and the long-term growth of this sector.”
Sanghvi buys 23 per cent stake in Suzlon 18 billion ( 1,800 crore), in 2015.
Suzlon Energy rights issue aim to increase 1200 crores from the rights issue by issuing an additional 240 crore shares of the company. It will open on 11 October 2022 and will be open for bidding till 20 October 2022.
The company said that the rights issue would open on October 11, despite the death of its founder and CMD. Tulsi Tanti,
The promoters and the promoter group made a statement on 3 October to reaffirm their participation in the proposed rights issue and expressed their intention to subscribe to the fullest extent of their rights.
Rights Issue Shareholders of the company holding 21 shares of Suzlon Energy as on record date (4 October 2022) will be entitled to 5 rights issue. The rights issue is proposed to be listed on both NSE and BSE and is likely to be listed on 3 November 2022. The allotment of shares is expected on 31 October 2022.
The net proceeds from the rights issue will be used for repayment or prepayment of a part of certain outstanding borrowings taken by the Company and its subsidiaries and for general corporate purposes. Inga Ventures has been appointed as the lead manager of the rights issue.
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