Suzlon Energy rights issue worth ₹,200 crore has opened on Tuesday, October 11, 2022. Under rights issue, fresh equity shares are offered by a company to those who are being shareholders. Further, these being shareholders get the right to buy fresh shares using their’ Rights Entitlement’. The ending date for the rights issue is set on October 20, 2022.

The company will issue up to 240 crore incompletely paid- up equity shares for cash at a price of ₹ 5 per share( including a decoration of ₹ 3 per rights equity share) aggregating to ₹,200 crore.

The issue will be in the rate of 5 rights equity shares for every 21 completely paid- up equity shares held by eligible shareholders on the record date of October 4, 2022. The record date is the day for determining the shareholders to whom the Rights Issue will be made and who would be eligible to share in the Rights Issue.

The last date for on- request repudiation of rights entitlements is October 14, 2022. The promoters and protagonist group have verified their participation and they will be completely subscribing to the extent of their rights annuity, it said. Suzlon promoters and protagonist group have verified their participation and they will be completely subscribing to the extent of their rights annuity.

Finances raised through the issue will be used for prepayment orpre-payment of a portion of certain outstanding borrowings profited by the company and its accessories and for general commercial purposes. Inga Ventures is the lead director to the issue.

Suzlon Energy on Friday informed that Dilip Shanghvi, Managing Director of Sun Pharmaceutical diligence, has conveyed to the promoters his intention to completely share in forthcoming the rights issue of the company. Shanghvi had bought a 23 stake in Suzlon for ₹,800 crore, in 2015

Suzlon is one of India’s top manufacturers in the wind element manufacturing member as per capacity and is one of the top renewable O&M service providers in India, as per capacity serviced. The company last week had said that the rights issue will open on 11 October despite the demise of its author and CMD Tulsi Tanti.