 "Suzlon rights issue subscribed 90% a day ahead of close, stock up 20%")
The Rs 1,200-crore rights issue of Suzlon Energy was subscribed nearly 90 per cent on Wednesday, a day before its close. So far, the rights issue has received bids for 2.16 billion shares as against 2.4 billion on offer, shows stock exchange data. Shares of the company closed at Rs 9.24, up nearly 20 per cent over its previous day’s close. The company is issuing 2.4 billion new shares at Rs 5 apiece through the rights issuem following which, Suzlon’s equity base will increase by nearly 24 per cent from 10 billion at present to nearly 12.5 billion. The company, which is into wind component manufacturing, plans to use the rights issue proceeds pare its debt, which currently stands at about Rs 3,272 crore.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%