Suzlon Energy to raise Rs 5000 Crores

Suzlon Energy Ltd has announced that the Board of Directors of the Company at its meeting held on May 20, 2008, inter alia, has approved the fund raising proposal of the company.

The Board of Directors and the shareholders had approved issuance of equity shares / FCCBs / GDRs / ADRs / any other financial instruments convertible into or linked to equity shares to the extent of Rs 5,000 Crores and of which the Company had utilised about Rs 2,183 Crores by issuing 11,386,000 equity shares of Rs 10/- each at a premium of Rs 1,907/- per equity share to the Qualified Institutional Buyers pursuant to a Qualified Institutional Placement under Chapter XIIIA of Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000. Considering the on-going business requirements, the Board has further enhanced the unutilised limit of Rs 2,817 Crores to Rs 5,000 Crores for issuance of equity shares / FCCBs / GDRs / ADRs / any other financial instruments convertible into or linked to equity shares, which however shall be subject to the approval of the shareholders at the ensuing Thirteenth Annual General Meeting of the Company.

The stock was trading at Rs.310.40, up by Rs.2.45 or 0.80%. The stock hit an intraday high of Rs.314 and low of Rs.300.50.

The total traded quantity was 2407553 compared to 2 week average of 1818450.

Source : Equity Bulls

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