Suzlon Energy’s Rs 12 billion rights issue oversubscribed by 1.8 times

Suzlon Energy Limited’s rights issue resulted into subscription of 4.35 billion shares resulting into oversubscription by 1.8 times.

The issue period was from October 11, 2022 to October 20, 2022. According to the company, the issue size was 2.40 billion partly paid-up equity shares for cash, at a price of Rs 5 per rights equity share (including a premium of Rs 3 per rights equity share) aggregating up to Rs 12 billion on a rights basis to its eligible equity shareholders in the ratio of 5 rights equity shares for every 21 fully paid-up equity shares held by the eligible equity shareholders. The funds raised via rights issue are in multiple calls. First call at time of application is Rs 6 billion, which will be used in the manner described in the letter of offer, including for repayment or pre-payment of a portion of certain outstanding borrowings availed by the company and its subsidiaries.

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