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Shares of Suzlon Energy added 10 percent intraday Monday as the company turned profitable in the quarter ended June 2017.
The company has reported net profit of Rs 63.7 crore in the quarter ended June 2017 (Q1FY18) against the loss of Rs 257 crore, in the same quarter last fiscal.
Revenue of the company increased 62.5 percent at Rs 2,676 crore versus Rs 1,646 crore.
The board approved the issuance of redeemable non-convertible debentures (NCDs) to the extent of Rs 900 crore on private placement basis in one or more tranches for replacement of existing debt subject to approval of shareholder in the ensuing annual general meeting of the company.
The company's 22nd AGM will be held on September 22, 2017.
The securities issue committee of the company has at its meeting held on August 12, 2017 approved allotment of 2,89,74,999 equity shares of Rs 2 each on conversion of 7438 USD 546,916,000 step-up convertible bonds due July 2019 of USD 1,000 each at a conversion price of Rs 15.46 per equity share with a fixed rate of exchange on conversion of Rs 60.225 to USD 1.
At 09:31 hrs Suzlon Energy was quoting at Rs 16.60, up Rs 1.30, or 8.50 percent on the BSE.
Posted by Rakesh Patil
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