Suzlon Energy Ltd allots 71632902 shars under CDR package

The Securities Issue Committee of the Board of Directors of Suzlon Energy Ltd has, at its meeting held on July 22, 2014, approved the allotment of 7,16,32,902 (Seven Crores Sixteen Lacs Thirty Two Thousand Nine Hundred Two) Equity Shares of Rs. 2/- (Rupees Two Only) each at an issue price of Rs. 18.51/- (Rupees Eighteen and Paise Fifty One Only) per share to the CDR Lenders as per CDR Package on preferential basis under Chapter VII - "Preferential Issue" of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 ("ICDR Regulations") in terms of the approval granted by the shareholders of the Company by way of postal ballot, the results of which have been declared on April 12, 2013 and further in accordance with the scheme of corporate debt restructuring ("CDR Package") by and between the Company and the lenders of the Company ("CDR Lenders") that is governed by the Corporate Debt Restructuring Scheme issued by the RBI dated August 27, 2008 and the Corporate Debt Restructuring Guidelines formulated thereunder, which has been approved by the Corporate Debt Restructuring Empowered Group on December 31, 2012, and communicated to the Company by the Corporate Debt Restructuring Cell vide its letter of approval dated January 23, 2013.

The said 7,16,32,902 (Seven Crores Sixteen Lacs Thirty Two Thousand Nine Hundred Two) Equity Shares of Rs. 2/- (Rupees Two Only) each shall be locked in for a period of one year from the date of allotment in terms of the ICDR Regulations.

Shares of SUZLON ENERGY LTD. was last trading in BSE at Rs.24.75 as compared to the previous close of Rs. 25.85. The total number of shares traded during the day was 1814599 in over 5530 trades.

The stock hit an intraday high of Rs. 26.35 and intraday low of 24.6. The net turnover during the day was Rs. 45588036.

Source : Equity Bulls

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