Suzlon Energy Limited has announced that its board has approved raising Rs 12 billion via a rights issue of 2.40 billion shares.
The Securities Issue Committee of the Board approved the rights issue. The company will raise Rs 12 billion through issuance of 2.40 billion shares with face value of Rs 2 each at an issue price of Rs 5 per share. The number of outstanding equity shares will increase from 10.07 billion to 12.47 billion after the issue (assuming full subscription). Five rights equity shares will be issued for every 21 fully paid-up equity shares held by the eligible shareholders of the company. If the shareholding of any of the eligible equity shareholder is five or more, such shareholders will be entitled to at least one equity share.