Suzlon Energy Ltd Board to raise Rs. 5000 crores

The Board of Directors of Suzlon Energy Ltd at its meeting held on July 25, 2014, has approved the increase in Authorised Share Capital of the Company from Rs. 1,100 Crore to Rs. 1,500 Crores and alteration of the Capital Clause of the Memorandum of Association of the Company.

The Board approved issue of Equity Shares of the Company on preferential basis in terms of Chapter VII - "Preferential Issue" of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 for the sacrifice by ICICI Bank Limited in terms of the CDR Package to an extent of Rs. 6.40 Crores.

The Board approved issue of Securities to the extent of Rs. 5,000 Crores. (This is an enabling resolution to facilitate the Company to raise funds at an appropriate time should that be required).

The above proposals are subject however to the approval of the members at the ensuing Nineteenth Annual General Meeting of the Company.

Shares of SUZLON ENERGY LTD. was last trading in BSE at Rs.23.55 as compared to the previous close of Rs. 24.1. The total number of shares traded during the day was 1192766 in over 3638 trades.

The stock hit an intraday high of Rs. 24.15 and intraday low of 23.25. The net turnover during the day was Rs. 28135522.

Source : Equity Bulls

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