Suzlon Energy announced earlier this week that the business intends to call a board meeting to discuss and authorize raising money. The board has given the go-ahead to raise Rs 2000 crore.
According to Suzlon Energy‘s filing with the exchange, the board has approved the “issuance of such number of fully paid-up equity shares and/or convertible bonds (CBs), and/or non-convertible debt instruments, and/or additional instruments and/or combination of tools with or without detachable warrants with a right exercisable by the warrant holders to convert or subscribe to the equity shares or otherwise, in registered or bearer form, or any combination of the securities.”
According to the company, the fundraising will follow all applicable laws, including the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, and the Companies Act, 2013, each as amended, subject to receiving all necessary approvals, if and to the extent required.
Suzlon Energy reported a combined net profit of Rs 319.99 crore for the fourth quarter of FY23 despite decreased costs. In the prior year, the firm reported a combined net loss of Rs. 205.52 crore.
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Compared to the total income of Rs 2,478 crore from the previous fiscal year, the overall operating income in Q4FY23 fell to Rs 1.699.96 crore.
Suzlon Energy share prices have been rising over the past 1.5 months, and during that period, the energy stock has increased from Rs 8.20 to Rs 18.37 per share, generating a return of more than 100%.
Suzlon Energy’s shares ended trading on July 7 at Rs 17.89, 1.36% higher than their previous BSE closing of R17.65 per share.
