Suzlon Rights Issue Oversubscribed By 1.8x Times

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The issue size was 240 crore partly paid-up Equity Shares for cash, at a price of Rs.5 per Rights Equity Share, aggregating up to Rs.1,200 crore on a rights basis

One of India’s leading manufacturers in the wind component manufacturing segment, Suzlon Energy Limited recently announced the successful closure of its rights issue on October 20, 2022. It further noted that the issue was oversubscribed by 1.8x times. Suzlon initiated the issue of 240 crore partly paid-up Equity Shares on rights basis to the eligible equity shareholders on October 11, 2022.

It is noteworthy that the issue resulted in the subscription of 435.46 crore shares (as per BSE), thus reaching its 1.8x times. The allotment and listing formalities of the new shares on the BSE & NSE are expected to be completed by 1st week of November 2022.

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The official statement clarified that the issue size was 240 crore partly paid-up Equity Shares for cash, at a price of Rs.5 per Rights Equity Share (including a premium of Rs.3 per Rights Equity Share) aggregating up to Rs.1,200 crore on a rights basis to its eligible equity shareholders in the ratio of 5 rights equity shares for every 21 fully paid-up equity shares held by the eligible equity shareholders.

India-based Suzlon Group is a leading global renewable energy solutions provider with a presence in 17 countries. Touted as having India’s largest wind energy installed base, the group has R&D set-up in Germany, the Netherlands and Denmark also.


 

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