Suzlon to raise Rs 12 billion in 2022-23 from rights issue

Suzlon Group is planning to raise up to Rs 12 billion through a rights issue of shares by the end of 2022-23 to pare the refinanced debt of Rs 30 billion.

As per the company, the recent developments on debt side, which saw REC Limited and Indian Renewable Energy Development Agency Limited (IREDA) taking over Rs 30 billion of debt through a refinance and an State Bank of India (SBI)-led 16-bank consortium settling for a 5 per cent equity in the company for the remaining Rs 35 billion exposure, will help strengthen its balance sheet.