Suzlon Energy Rights Issue approved
Wind turbine manufacturer Suzlon Energy today said it will raise funds through rights issue to repay its debt.
The rights issue committee of directors at its meeting held yesterday, has decided to allot 2 equity shares for every 15 shares held by the existing shareholders on a rights basis, Suzlon said in a filing to the Bombay Stock Exchange.
The company would offer these shares at Rs 63 a piece, a premium of nearly 12 per cent over the yesterday’s closing price at Rs 56.30 on the BSE.
The issue of shares on a rights basis is intended to reduce the company’s debts.
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