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Suzlon Energy's Rs 5,000 cr fund raising plan cleared by board

Jul 26 2014, 21:00 IST
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Suzlon Energy's board has approved a proposal to raise up to Rs 5,000 crore through the issue of securities. (Photo: AP) Suzlon Energy's board has approved a proposal to raise up to Rs 5,000 crore through the issue of securities. (Photo: AP)
SummarySuzlon Energy board also gave its nod for increasing the company's authorised share capital...

Suzlon Energy's board has approved a proposal to raise up to Rs 5,000 crore through the issue of securities.

It is an "enabling resolution to facilitate the company to raise funds at an appropriate time should that be required," the wind turbine maker said in a regulatory filing today.

During a meeting held yesterday, the board also gave its nod for increasing the company's authorised share capital from Rs 1,100 crore to Rs 1,500 crore.

"Issue of equity shares of the company on preferential basis... for the sacrifice by ICICI Bank Ltd in terms of the CDR (Corporate Debt Restructuring) package to an extent of Rs 6.40 crore," was also approved, said the filing.

All these proposals are subject to nod from shareholders.

On Friday, the wind turbine maker said its net loss narrowed to Rs 750.74 crore in the three months ended June 2014, mainly on the back of higher income.

The company had incurred a net loss of Rs 1,058.90 crore in the same period a year ago. The figures are after taking into account the share in minority interest, it said in a statement today.

In the first quarter (ended June) of current fiscal, the firm's total income climbed to Rs 4,671.99 crore from Rs 3,896.71 crore in the year-ago period, reflecting an increase of about 20 per cent.

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