Suzlon to raise Rs 1,200 crore via rights issue

Suzlon Energy on Sunday said its board has approved raising Rs 1,200 crore via a rights issue of 240 crore shares.

The Securities Issue Committee of the Board, at its meeting held on Sunday, approved the rights issue, the company said in a regulatory filing.

The company 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).

Five rights equity shares will be issued for every 21 fully paid-up equity shares held by the eligible shareholders of the company. If the shareholding of any of the eligible equity shareholder is five or more, such shareholders will be entitled to at least one one equity share, it added.