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.
Earlier this week, the company said that the raising of capital would be ‘by way of one or more or combination of permissible methods’. “This is to inform that a meeting of the Board of Directors of the Company will be held on Friday, 7th July 2023 to consider and approve: 1. Capital raising by way of one or more or combination of permissible methods; 2. Seeking approval of the shareholders, if required,” said Suzlon Energy in a previous exchange filing.
During the January-March quarter of fiscal 2022-23, Suzlon Energy posted a consolidated net profit of ₹319.99 crore, on lower expenses. The company reported a consolidated net loss of ₹205.52 crore in the year-ago period. The total income from operation dipped to ₹1,699.96 crore in the quarter ended March 31,2023 from ₹2,478.73 crore a year ago.
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 apiece levels, logging near 50 per cent rise during the period. On July 7, shares of Suzlon Energy settled 1.36 per cent higher at ₹17.89, compared to a previous close of ₹17.65 apiece on the BSE.
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Updated: 07 Jul 2023, 08:36 PM IST