Suzlon Energy to issue GDRs

Suzlon Energy Ltd has announced that in terms of the recommendation of the Board of Directors of the Company at its meeting held on May 20, 2008 and as approved by the shareholders at the Thirteenth Annual General Meeting of the Company held on July 30, 2008, the Securities Issue Committee of the Board of Directors of the Company has been anthorised to decide on the terms for appropriate mode of further issue of equity shares, GDRs, ADRs, FCCBS, SPNs and / or any other securities convertible into or linked to Equity Shares to the extent of Rs 5000 Crores.

Accordingly, the Securities Issue Committee of the Board of Directors of the Company at its meeting held on July 20, 2009 has approved the issuance of Global Depository Receipts ("GDRs") with each GDR representing Four Equity Shares, to be listed on the Luxembourg Stock Exchange and has decided to open the Issue on July 20, 2009.

The stock closed the day at Rs 94.20, down by Rs 1.40 or 1.46%. The stock hit an intraday high of Rs 97.40 and low of Rs 93.25.

The total traded quantity was 15337553 as compared to 2 week average of 17075753.

Source : Equity Bulls

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