Suzlon Energy to raise upto Rs 5000 crore

Suzlon Energy Ltd has announced that the Board of Directors of the Company at its meeting held on June 27, 2009, inter alia, has approved the issue of equity shares and / or FCCB and / or GDR and / or IDR and / or FCD and / or such other equity linked instruments and / or any other instruments and / or combination of instruments to an extent of Rs 5,000 Crores, subject however to the approval of the members at the ensuing Fourteenth Annual General Meeting of the Company.

The Board approved increase in the ceiling limit on total holdings of Foreign Institutional Investors / SEBI approved sub-account of Foreign Institutional Investors from 24% to 49% of the paid-up equity share capital of the Company, subject however to the approval of the members at the ensuing Fourteenth Annual General Meeting of the Company.

It has also been approved to seek the approval of members for the implementation of Employee Stock Option Plan-Perpetual-I at the ensuing Fourteenth Annual General Meeting.

It has also been approved to seek the approval of members for the implementation of Employee Stock Option Plan-Perpetual-I at the ensuing Fourteenth Annual General Meeting.

The stock was trading at Rs.116.25, down by Rs.7.10 or 5.76%. The stock hit an intraday high of Rs.121.90 and low of Rs.112.85.

The total traded quantity was 4325618 compared to 2 week average of 18916803.

Source : Equity Bulls

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