Page 5 - Suzlon Energy

Suzlon Energy board approves proposal for raising Rs 2,000 cr fund

Suzlon Energy Ltd on Friday said its board has approved a proposal to raise up to Rs 2,000 crore. The company will explore various financial routes to raise the amount, a BSE filing showed. The board approved "issuance of such number of fully paid-up equity shares and/or convertible bonds and / or non-convertible debt instruments and / or any other instruments and / or combination of instruments with or without detachable warrants with a right exercisable by the warrant holders to convert or subscribe to the equity shares or otherwise...in one or more tranches, denominated...for an aggregate consideration not exceeding Rs 2,000 crore," Suzlon Energy said in the exchange filing. The company will seek shareholders' approval through a postal ballot, it said.

Suzlon Energy hits over 5-year high; zooms 105% in 7 weeks

Brokerage firm ICICI Securities has initiated the coverage on Suzlon with 'Buy' rating and a target price of Rs 22 per share.

Suzlon Energy soars 18% to hit over 5-year high amid heavy volumes

A combined 1,121 million shares, which represented 11.1 per cent total equity of Suzlon Energy changed hands on the NSE and BSE

Suzlon Energy secures fourth wind energy project order in less than a month

This is Suzlon's fourth such order in less than a month. It will supply the wind turbines along with project supervision and commissioning as part of the agreement

Suzlon gets order of 33 wind turbines from Vibrant for 99 MW energy project

The Vibrant Group said that a project of this size could provide electricity to 307,000 households and curb 292,000 tonnes of carbon emissions every year

Suzlon Energy announces early redemption of FCCBs worth $35.9 million

Suzlon Energy on Wednesday announced early redemption of USD 35,931,200 Foreign Currency Convertible Bonds (FCCBs) which were due for payment in 2032. "This is to inform that the company has redeemed the entire outstanding FCCBs at their principal amount aggregating to USD 529,338.11 together with accrued but unpaid interest thereon up to the redemption date @ 1.25 per cent per annum amounting to USD 1,378.48 in accordance with terms of FCCBs," the company said in a BSE filing. It stated that the company has redeemed early FCCBs worth USD 35,931,200 due in 2032. Accordingly, the FCCBs have been cancelled and will be delisted from the Singapore Exchange Securities Trading Limited. Following the redemption, there are no outstanding FCCBs in issue.

Suzlon bags 69.3MW wind energy project from Juniper Green Energy

Renewable energy solutions provider Suzlon has bagged an order to develop 69.3 MW wind power project from Juniper Green Energy. The project is located at Surendra Nagar district in Gujarat and is expected to be commissioned in 2024, a company statement said. "Suzlon Group today announced the second order of the 3 MW product series for the development of a 69.3 MW wind power project for Juniper Green Energy Private Limited," it stated. The company, however, did not disclose the financial details of the order. "We are delighted to announce our first order with Juniper Green Energy Private Limited and our second order for the 3 MW series," JP Chalasani, CEO, Suzlon Group, said. Suzlon will install 22 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower of their new product with a rated capacity of 3.15 MW each. This is the first major order for the company's largest turbine rated 3.15 MW, S144-140m from the 3 MW series. As part of the agreement, Suzlon will supp

Suzlon Energy Q3 PAT more than doubles to Rs 78 cr on reduced expenses

Suzlon Energy Limited on Thursday said its consolidated net profit more than doubled to Rs 78.28 crore during the December 2022 quarter, mainly due to reduced expenses. The company had clocked a net profit of Rs 36.77 crore during the October-December quarter of preceding fiscal, Suzlon Energy said in a regulatory filing. Its total income however fell to Rs 1,464 crore from Rs 1,615 crore a year ago. The expenses stood at Rs 1,386 crore in the quarter under review as against Rs 1,573 crore in the year ago quarter. In a separate statement, Girish Tanti, Vice Chairman, Suzlon Group, said: "The beginning of 2023 has been highly encouraging for the wind energy sector with a slew of crucial policy announcements. Indian wind energy is equipped and on track to contribute substantially towards India's energy transition roadmap." Ashwani Kumar, Chief Executive Officer, Suzlon Group, said: "Q3 has been a stable quarter for us. Our service business continues to do well, and our focus remains

Suzlon Energy receives shareholders' approval for top brass appointments

Suzlon Energy has received shareholders' approval to appoint Vinod R Tanti as Managing Director, Girish R Tanti as the Executive Director and Pranav T Tanti as Director. A BSE filing showed that the three resolutions to appoint Vinod Tanti as Managing Director, Girish Tanti as Executive Director and Pranav Tanti as Director are passed with the requisite majority through postal ballot. The company has sought approval from the shareholders through postal ballot notice for these appointments. These appointments appear to be a part of the process for a succession plan after the demise of its founder Chairman and Managing Director Tulsi Tanti on October 1, 2022. The shareholders at the twenty-seventh annual general meeting held on September 29, 2022, had approved the appointment of Vinod Tanti as a Wholetime Director & Chief Operating Officer of the Company from October 1, 2022, for a further term of 3 (three) years -- up to September 30, 2025. However, the notice explained that due to

Suzlon Energy posts Q2 net profit at Rs 56 crore on higher revenues

Suzlon Energy on Thursday posted a consolidated net profit of Rs 56.47 crore for September quarter 2022-23 mainly on higher revenues. In the year-ago period, it incurred a net loss of Rs 12.40 crore, a BSE filing said. Total income of the company rose to Rs 1,442.58 crore in the quarter from Rs 1,361.62 crore in the same period a year ago.

Rights issue: Lull after 3 stormy years, mop-up Rs 2,867 crore in CY22

Mop-up Rs 2,867 cr in CY22, as against Rs 25,335 cr in same period last yr

Suzlon Energy's Rs 1,200-crore rights issue oversubscribed by 1.8 times

Suzlon Energy on Thursday said that its Rs 1,200-crore rights issue has been subscribed by 1.8 times. "The (rights) issue resulted into subscription of 435.46 crore shares resulting into oversubscription by 1.8 times. The issue period was from October 11, 2022 to October 20, 2022," a company statement said. Suzlon Energy Ltd, one of India's top manufacturers in the wind component manufacturing segment as per capacity and one of the top renewable O&M service providers in India as per capacity serviced, announced the successful closure of the issue of 240 crore partly paid-up equity shares on rights basis to the eligible equity shareholders. According to the statement, the issue size was 240 crore partly paid-up equity shares for cash, at a price of Rs 5 per rights equity share (including a premium of Rs 3 per rights equity share) aggregating up to Rs 1,200 crore on a rights basis in the ratio of 5 rights equity shares for every 21 fully paid-up equity shares. The funds raised via .

Suzlon Energy rights issue subscribed 1.8 times, stock down 3.7%

The company is issuing 2.4 billion new shares, at Rs 5 apiece, through the rights issue

Suzlon rights issue subscribed 90% a day ahead of close, stock up 20%

The company is issuing 2.4 billion new shares at Rs 5 apiece; proceeds will be used pare debt, which currently stands at Rs 3,272 crore

Sensex snaps 3-day losing streak, ends 479pts higher; Nifty reclaims 17,100

CLOSING BELL: Power majors - PowerGrid, NTPC along with FMCG and select financial shares were the major gainers in trade among the Sensex 30 on Wednesday.

Stocks to watch: HCL Tech, Wipro, Suzlon Energy, Indigo, Power Grid, REC

Stocks to watch today: HCL Technologies, Wipro will report September quarter results (Q2FY23) on Wednesday, October 12; Suzlon Energy bags 144.9 megawatt (MW) order from Aditya Birla Group

Suzlon Energy looks to pare debt by Rs 583.5 crore after rights issue

Targets repaying remaining debt in eight years; Rs 1,200 crore opened on Tuesday

Suzlon secures 144.9 MW wind power order from Aditya Birla Group

Suzlon Group on Tuesday announced that it has bagged an order for the development of 144.9 MW of wind power projects for Aditya Birla Group. "Suzlon Group, which has India's largest wind energy installed base, today announced its new order win for the development of 144.9 MW wind power projects for the Aditya Birla Group, a leading Indian Conglomerate," a statement said. Suzlon will install 69 units of wind turbine generators (wind turbines) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 2.1 MW each. The project is located at sites in Gujarat and Madhya Pradesh and is expected to be commissioned in 2023. Vinod R Tanti, Chairman and Managing Director, Suzlon Group said, "It is a matter of pride to announce our order with Aditya Birla Group. The confidence of our customers in us as a wind energy expert is very important to us". Suzlon wind turbines typically range over 70-80 per cent on domestic content and are manufactured in the country through a thriving domest

Subscription of Rs 1,200 cr rights to aid Rs 584 cr debt repayment: Suzlon

Suzlon Energy would be able to pare its debt by Rs 583.5 crore with full subscription of its Rs 1,200 crore rights issue which opened on Tuesday, the company said. "Rs 583.5 crore debt will be repaid with the assumption of full subscription of Rs 1,200 crore rights issue opened on Tuesday," Suzlon Group Chief Financial Officer Himanshu Mody said in a virtual press conference. He said the total debt of the company was Rs 3,200 crore as of June quarter 2022-23 and the company would be able to repay the remaining debt in the next eight years. Mody emphasised that the company would have much leaner, healthier and better balance sheet after the issue and there will be no decline in the promoters' holding after the issue. About an earlier instance of decline in promoter holding, he said it happened due to conversion of certain bonds (debt) into equity (under the debt restructuring plan). Earlier this month, Suzlon Energy had said its promoters had reconfirmed their participation in the

Ahead of rights issue, charts hint steady gains for Suzlon; 200-DMA is key

There is a bullish formation of a "Higher High, Higher Low" pattern on the daily chart, and only if the stock breaks the 200-DMA the trend could turn negative.