Suzlon Energy to release Rs 12 billion rights issue

Suzlon Energy Limited announced the opening of its Rs 12 billion rights issue on October 11, 2022. The company will issue up to 2,400,000,000 partly paid-up equity shares for cash, at a price of Rs 5 per rights equity share which will include a premium of Rs 3 per rights equity share.

The promoters and promoter group have confirmed their participation and will fully subscribe to their rights entitlement. The proceeds from the issue will be used to repay or pre-pay a portion of the company’s and its subsidiaries outstanding borrowings. Also, it will be further used for general corporate purposes subject to the approval of lenders. The issue’s lead manager is Inga Ventures Private Limited. The deadline for renunciation of rights entitlements on the market is October 14, 2022.

Recently in September 2022, Suzlon Group bagged a new order for the development of a 180.6 MW wind power project for Sembcorp’s renewables subsidiary, Green Infra Wind Energy Limited. This order is part of Sembcorp’s winning bid in the SECI tranche XI auctions. Suzlon will install 86 wind turbine generators, each with a 2.1 MW rated capacity and a hybrid lattice tubular tower. The project will be completed in 2024 and will be located in Kanakagiribad, Bagalkot, Karnataka.

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