Suzlon Energy Rs 1200 Crores Rights Issue Oversubscribed 1.8x Times

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Suzlon Energy Limited, one of India’s top producers of wind components based on capacity, and one of the top renewable energy O&M service providers based on capacity served, recently announced the successful completion of the Rs. 240 crores partially paid-up equity share rights issue (the “Rights Issue”) that was first announced on October 11, 2022.

435.46 crore shares were subscribed for in the issue, which resulted in a 1.8-fold oversubscription. October 11, 2022, through October 20, 2022, were the issue dates.

The issue size was 240 crore partially paid-up equity shares for cash for Rs 5 per rights equity share (including a premium of Rs 3 per rights equity share) for a maximum of Rs 1,200 crores to its eligible equity shareholders in a ratio of 5 rights equity shares for every 21 fully paid-up equity shares held by the eligible equity shareholders.

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The money raised through the rights issue is divided into multiple calls; the first call, which is what is being requested, is for Rs. 600 crores. This money (Suzlon Energy) will be used in the ways outlined in the letter of offer, including for the repayment or prepayment of a portion of certain outstanding borrowings that the Company and its subsidiaries have taken out.

By the first week of November 2022, the formalities for the allotment and listing of the new shares on the BSE and NSE are anticipated to be finished.

IndusInd Bank Limited is the issue’s banker, S&R Associates is the company’s legal advisor about Indian law, Indus Law is the lead manager’s legal advisor about Indian law, and Inga Ventures Private Limited is the issue’s lead manager.

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