Suzlon shareholders okay proposal to raise Rs 5,000 cr

Wind power major Suzlon Energy today said its shareholders had approved the proposal to raise funds worth Rs 5,000 crore.

In a regulatory filing, Suzlon said shareholders have approved the "enabling resolution to issue securities to an extent of Rs 5,000 crore to facilitate raising of funds from time to time".

This proposal along with various appointments were approved by shareholders at the company's annual general meeting held on September 27.

Among others, the appointment of Tulsi Tanti as the company's Managing Director was ratified and approved by the shareholders.

On August 1, Suzlon had said that its board approved a proposal for raising Rs 5,000 crore through the issuance of shares or other securities.

"The board of directors has approved the issuance of equity shares or FCCBs, GDRs, IDRs, or a combination of instruments, to an extent of Rs 5,000 crore," the firm had said.

Company officials had then noted that it was an enabling resolution for raising funds and there were no immediate plans to raise the capital.

Shares of the company slumped over 3% to close at Rs 36.95 on the BSE.