Suzlon Energy on October 3 re-confirmed its participation in the Rs 1,200-crore rights issue, a day after the demise of its founder, chairman and managing director Tulsi Tanti.
"In continuation to the announcement dated 2nd October 2022, the Promoters and the Promoter Group have re-confirmed their participation in the proposed rights issue and have expressed their intention to subscribe to the full extent of their rights entitlement. Accordingly, the Company will continue to follow the schedule for the proposed rights issue set out in its letter of offer dated 28th September 2022 (“LOF”). An addendum to the LOF will follow in due course," the company said in a regulatory filing.
Also Read | Tulsi Tanti: The wind whisperer who battled storms
Suzlon Energy's rights issue will open from 11-20 October and record date for the purpose of determining the equity shareholders entitled to receive the rights entitlement in the rights issue is October 4, it had informed the stock exchanges on September 28.
On September 25, the company had said that it will raise Rs 1,200 crore through issuance of 240 crore shares with face value of Rs 2 each at an issue price of Rs 5 per share. The number of outstanding equity shares will increase from 1007,30,87,083 to 1247,30,87,083 after the issue (assuming full subscription).
Tanti, 64, passed away on the evening of October 1 due to cardiac arrest. Tanti was widely known as the visionary who pioneered the renewables revolution in India. He spearheaded the wind energy revolution in India with the founding of Suzlon Energy in 1995.
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