The promoters of wind turbine maker Suzlon Energy Ltd on Monday confirmed their participation in the proposed 1,200 crore rights issue after the demise of founder and chairman Tulsi Tanti due to cardiac arrest on October 1.
Suzlon’s promoter group said in a stock exchange filing on Monday that they would subscribe to their share of the rights issue.
“In pursuance of the announcement dated 2 October 2022, the Promoters and the Promoter Group have reaffirmed their participation in the proposed rights issue and expressed their intention to subscribe to the fullest extent of their rights. Accordingly, the Company will continue to adhere to the schedule of the proposed rights issue as prescribed in its Letter of Offer (LOF) dated September 28. An addendum to the LOF will be followed,” the stock exchange filing said.
Suzlon’s rights issue will open on October 11. The company will issue 2.4 billion partially paid-up shares in cash at the cost of 5 per equity share in aggregate 1,200 crore to eligible shareholders in the ratio of five shares for every 21 fully paid-up equity shares held by eligible shareholders as on October 4.
The deadline for the on-market relinquishment of the rights has been set as October 14. The issue will close on October 20.
catch all business News, market news, today’s fresh news events and breaking news Updates on Live Mint. download mint news app To get daily market updates.