Suzlon Energy to consider issue of 31992528 shares on Oct 11, 2010

Suzlon Energy Ltd has announced that a meeting of the Board of Directors of the Company will be held on October 11, 2010, inter alia, to consider, an issue of 3,19,92,528 fully paid-up equity shares of Rs. 2 each of the Company to IDFC Private Equity Fund III (IDFC PE) by way of preferential allotment in accordance with the applicable laws and regulations and subject to the receipt of requisite approval from the shareholders of the Company. These equity shares proposed to be issued by way of preferential allotment will be the consideration for acquisition of 4,12,54,125 equity shares of Rs. 10 each of SE Forge Ltd, a subsidiary of the Company, by the Company from IDFC PE in accordance with applicable law. Consequently, SE Forge Ltd. shall become a wholly owned subsidiary of the Company.

The stock was trading at Rs.58.25, up by Rs.0.90 or 1.57%. The stock hit an intraday high of Rs.59.25 and low of Rs.57.90.

The total traded quantity was 21.10 lakhs compared to 2 week average of 48.26 lakhs.

Source : Equity Bulls

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