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Suzlon to raise Rs 1,200 cr via rights issue

The decision was taken at a board meeting, the company said in a release to the exchanges.

Suzlon to raise Rs 1,200 cr via rights issue
The Suzlon stock closed at Rs 9.15 on Friday on the National Stock Exchange, down 4.69% over the previous close. The stock hit a 52-week low of Rs 5.90 on July 28.

Wind energy player Suzlon said on Sunday it was offering existing investors in the company five shares for 21 fully paid-up shares in bid to raise Rs 1,200 crore via a rights issue.

The decision was taken at a board meeting, the company said in a release to the exchanges.

The Suzlon stock closed at Rs 9.15 on Friday on the National Stock Exchange, down 4.69% over the previous close. The stock hit a 52-week low of Rs 5.90 on July 28.

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Suzlon’s shareholder funds were a negative Rs 653 crore in June, 2022, as per an investor presentation. In March, 2022, the shareholder funds were a negative Rs 3,562 crore, an audited number.

Suzlon reported a net loss of Rs 176.55 crore in FY22.

The company reported revenues of Rs 1,378 crore in Q1 FY23, a year-on-year (y-o-y) growth of 21%.

It recorded an exceptional gain of Rs 2,469 crore. The profit before tax (PBT) before exceptions was Rs 7 crore.

The Earnings before interest, taxes, depreciation, and amortisation (Ebitda) margin was 15.6%, leading to an Ebitda of `214 crore, up 39% y-o-y.

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