Wind energy major Suzlon plans to raise up to Rs 5,000 crore from the secondary market and increase its borrowing limit to Rs 10,000 crore from the current Rs 7,000 crore.Its board had approved proposals for shareholders’ nod to increase its authorised share capital from Rs 445 crore to Rs 700 crore and to issue securities (like ADRs, GDRs, FCCBs, non-convertible debentures, convertible bonds, QIP, etc) of up to Rs 5,000 crore. The board also approved the increase of borrowing limits, other than temporary loans and working capital facilities, from Rs 7,000 crore to Rs 10,000 crore.

The board also approved the sale of 31.99 million shares of Suzlon Energy to IDFC Private Equity Fund in a no-cash transaction. IDFC Private Equity will get preference shares in Suzlon, in return for the stock it holds in Suzlon subsidiary SE Forge. Two years ago, IDFC Private Equity had picked up a 17.1 per cent stake in SE Forge for Rs 400 crore. IDFC PE will get around a 1.8 per cent stake in Suzlon Energy valued about Rs 184 crore.

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Suzlon Energy Share Price

64.17 -2.86 (-4.27%)
20-Dec-2024 16:59 View Price Chart
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