Mumbai: The ₹1,200-crore rights issue of Suzlon Energy was subscribed 1.8 times on Thursday, the final day of bidding. The issue was launched on October 11.
The issue size totalled 2.4 billion partly paid-up equity shares for cash, at ₹5 per rights share to its eligible equity shareholders in the ratio of 5 rights equity shares for every 21 fully paid-up equity shares held.
The funds raised via rights issue are in multiple calls – the first call at the time of application is ₹600 crore. This 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 of by the company and its subsidiaries.
The allotment and listing formalities of the new shares on the BSE & NSE are expected to be completed by the first week of November.
