Business Standard

Suzlon shareholders reject proposals to raise Rs 2.9K cr

As many as 65.12 per cent votes were in favour of the special resolution and it was declared 'not passed' in the filing


Press Trust of India New Delhi
Renewable energy solution provider Suzlon Energy's shareholders have rejected two separate proposals to raise a total Rs 2,900 crore through issuance of equity shares and debentures.

A majority of public shareholders voted against special resolutions to raise Rs 2,000 crore through an issue of equity shares and Rs 900 crore through non-convertible debentures or non-equity linked instruments, according to a regulatory fling by the company.

"These were only enabling resolutions to facilitate the company to raise funds at an appropriate time should that be required. Presently there are no plans to issue securities / raise funds. This does not impact our fund availability in anyway for carrying out smooth business operations," Suzlon said in its reply to PTI.

The company at its AGM on July 27 had sought shareholders' approval to issue redeemable non-convertible debentures/non-equity linked instruments in one or more tranches to an extent of Rs 900 crore on a private placement basis for replacement of existing debt.

As many as 65.12 per cent votes were in favour of the special resolution and it was declared 'not passed' in the filing. Special resolutions require at least 75 per cent of votes in favour to be passed.

Similarly, another special resolution to offer, issue and allot equity shares or equity-linked resolution instruments to an extent of Rs 2,000 crore was also declared 'not passed'. It got 57.51 per cent votes in its favour.

However, shareholders approved other listed resolutions including two ordinary resolutions to re-appoint Girish R Tanti and Tulsi R Tanti as directors of the company. 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jul 31 2018 | 12:00 AM IST

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