NEW DELHI: Suzlon Energy announced that its rights issue oversubscribed by 1.8 times on its closing day. The company offered 240 crore partly paid-up equity shares on rights basis to the eligible equity shareholders on October 11.
“The issue resulted in subscription of 435.46 crore shares, resulting in oversubscription by 1.8x times. The issue period was from October 11, 2022, to October 20, 2022,” said the company in a statement. 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 shares held by the eligible shareholders.
“ The funds raised via rights issue are in multiple calls – first call at time of application is `600 crore, which will be used in the manner described in the letter of offer, including for repayment or pre-payment of a portion of certain outstanding borrowings availed by the company and its subsidiaries,” it said. The allotment and listing formalities of the new shares on the BSE & NSE is expected to be completed by the first week of November 2022