Page 6 - Suzlon Energy

Suzlon Energy charts course to return to its pre-2007 boom days

Sailing in neck-deep debt for over a decade now, largest wind power player Suzlon Energy, which lost its charismatic founder-chairman Tulsi Tanti recently, is on a strong revival course and is confident of returning to its boom years of pre-2007. The Pune-headquartered green energy pioneer was founded in 1995 by Tulsi Tanti -- whose untimely demise on October 1 following a cardiac arrest left the firm shocked as he was driving the revival efforts. The company is on a de-leveraging spree on the back of a recent Rs 2,800-crore refinancing from state-run REC along with Ireda and a Rs 1,200-crore rights issue that opens on Tuesday. The company will repay Rs 1,000 crore to REC from the rights issue proceeds. Of the Rs 2,800 crore 20-year REC loan, only Rs 800 crore is working capital facility and is priced at 19 per cent. "Our problem is not lack of product, technology or servicing capabilities or orders. Even in our worst times we've been servicing all the turbines we installed and now

Shanghvi says will participate in Suzlon Energy's Rs 1,200-cr rights issue

The rights issue will open on October 11, closing on October 20

Suzlon appoints Vinod R Tanti as chairman and managing director for 3 years

Suzlon Energy on Friday announced the appointment of Vinod R Tanti as its Chairman and Managing Director with immediate effect for the next three years. The announcement came after demise of Suzlon Energy founder Tulsi Tanti, who was holding the position of Chairman and Managing Director, on October 1, 2022. Board of directors of the company at its meeting held on Friday has, inter alia, approved the appointment of Vinod R Tanti as the Chairman and Managing Director with immediate effect, i.e. from October 7, 2022 for a period of three years, i.e. up to 6th October 2025, according to a BSE filing. The appointment of Tanti would be subject to the approval of the shareholders at the next general meeting of the company, it stated. Consequent to his appointment as the managing director, Tanti resigned as the whole-time director and chief operating officer with immediate effect, i.e. 7th October 2022, the filing said. The board also approved the appointment of Girish R Tanti as the ...

Stocks to Watch: Suzlon, RIL, ONGC, Gas, Airtel, HFCL, Adani Enterprises

Stocks to Watch Today: Domestic oil & gas related stocks are likely to be in focus as the government reduced tax on the former, while raised prices of natural gas to record levels.

Suzlon Founder Tulsi Tanti, the man who harnessed wind, passes away at 64

Tanti had made his fortune by investing in wind energy projects in the mid-90s when renewable energy was not in fashion

Suzlon Energy founder Tulsi Tanti passes away after cardiac arrest

His death comes at a time when Suzlon Energy has just announced opening of its Rs 1,200 crore rights issue

Suzlon Energy rights issue of Rs 1,200 crore to open on October 11

Suzlon Energy on Wednesday announced opening of its Rs 1,200 crore rights issue on October 11, 2022. "Suzlon Energy Ltd announces the opening of its Rs 1,200 crore rights issue on October 11, 2022," a company statement said. According to the statement, the company will issue up to 2,40 crore partly paid-up equity shares for cash at a price of Rs 5 per share (including a premium of Rs 3 per rights equity share) aggregating up to Rs 1,200 crore. The issue will be in the ratio of 5 rights equity shares for every 21 fully paid-up equity shares held by the eligible shareholders on the record date of October 4, 2022. The last date of on-market renunciation of rights entitlements is October 14, 2022. The promoters and promoter group have confirmed their participation and they will be fully subscribing to the extent of their rights entitlement, the statement said. The funds raised through the issue will be used for repayment or pre-payment of a portion of certain outstanding borrowings ..

Sensex falls 954 pts, Nifty below 17,050 amid growth concerns; IT stocks up

Stock market live: At 07:50 am, SGX Nifty quoted at 17,230, indicating an opening loss of over 100-odd points on the Nifty

Stocks to Watch: Harsha Engineers, Britannia, Coal India, Anupam Rasayan

Stocks to Watch: Harsha Engineers will make its debut on the bourses today. The issue price is fixed at Rs 330 per share. As per IPO Watch, the stock can list with a 50 per cent premium

Suzlon Energy to raise Rs 1,200 crore via rights issue of 2.4 bn shares

Suzlon Energy on Sunday said its board has approved raising Rs 1,200 crore via a rights issue of 240 crore shares. The Securities Issue Committee of the Board, at its meeting held on Sunday, approved the rights issue, the company said in a regulatory filing. The company will raise Rs 1,200 crore through issuance of 240 crore shares with face value of Rs 2 each at an issue price of Rs 5 per share. The number of outstanding equity shares will increase from 1007,30,87,083 to 1247,30,87,083 after the issue (assuming full subscription). Five rights equity shares will issued for every 21 fully paid-up equity shares held by the eligible shareholders of the company. If the shareholding of any of the eligible equity shareholder is five or more, such shareholders will be entitled to at least one one equity share, it added.

Stocks to Watch: Adani Group, Fertilisers, HDFC Bank, Canara Bank, Suzlon

Stocks to Watch on Tuesday: Government may look to privatise PSU fertiliser companies; Adani Group in an attempt to allay fears of being overleveraged, said the firms have reduced debt over the years.

Suzlon bags 180.6 MW energy project from Sembcorp's Green Infra Wind Energy

Renewable energy solution provider Suzlon Energy on Tuesday said that it has won an order to set up 180.6 MW wind energy project from Sembcorp's arm Green Infra Wind Energy Ltd. "Suzlon Group, India's largest renewable energy solutions provider, today announced a new order win for the development of a 180.6 MW wind power project for Sembcorp's renewables subsidiary Green Infra Wind Energy Limited," a BSE filing said. Suzlon will install 86 Wind Turbine Generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 2.1 MW each. The project is located at Kanakagiribad, Bagalkot in Karnataka, and is expected to be commissioned in 2024. Suzlon will supply the wind turbines (equipment supply) and execute the project, including erection and commissioning. Suzlon will also provide comprehensive operation and maintenance services after commissioning of the project. This order is part of the bid won under the SECI (Solar Energy Corporation of India) tranche XI auctions

Suzlon Energy freezes at 20% upper circuit on heavy volumes

As of 10:08 AM, a combined 228 million equity shares had changed hands in less than hour of trades with pending buy orders for around 45.83 million shares on the NSE and BSE.

Suzlon Energy's net profit jumps multi-fold to Rs 2,432 cr in June quarter

Suzlon Energy posted a multi-fold rise in its net profit to Rs 2,432.55 crore in the June quarter compared to the year-ago period, helped by exceptional gains

Suzlon Energy consolidated net loss widens to Rs 205 cr in March quarter

Suzlon Energy on Wednesday reported a consolidated net loss of Rs 205.52 crore in the March quarter. The consolidated net loss of the company stood at Rs 54.25 crore in the quarter ended March 2021, according to a regulatory filing. Total income in the quarter under review rose to Rs 2,478.73 crore from Rs 1,141.15 crore in the same period a year ago. The company also reported a consolidated net loss of Rs 176.55 crore for 2021-22. The same stood at Rs 103.59 crore in the year-ago period. Total income in FY22 rose to Rs 6,603.97 crore as against Rs 3,365.59 crore in 2020-21. The company said it has successfully concluded refinancing of its debt of the State Bank of India-led existing consortium of 16 lenders with REC Limited-led consortium of two lenders. Suzlon's board has approved the re-appointment of Vinod R Tanti as the Whole Time Director & Chief Operating Officer of the company with effect from October 1, 2022 for a further period of three years, or up to September 30, ...

Suzlon Energy plans to raise about Rs 3,000 crore to refinance debt

The company is looking at refinancing in order to streamline the lenders, avail better terms from restrictions on cash usage, and bolster growth of the business

Suzlon Energy awaits shareholder approval for a third bailout package

The new lenders are bailing out the company by infusing additional funds and converting their loans worth Rs 4,100 crore into equity

Lenders agree to raise wind energy firm Suzlon Energy stake to 35%

Promoters' holding to fall to 12.7% as creditors convert loan into equity

Stocks to Watch: Indian Hotels, TCS, Dabur, Bosch, Ashok Leyland, Insurance

Insurance related stocks could see some action as the India Protection Quotient (IPQ) survey 4, stated that term insurance ownership has gone up from 36 per cent to 43 per cent in the last two years.

Suzlon Energy seeks Rs 4,200-crore bailout from govt-owned PFC, REC

The company had net debt of nearly Rs 6,405 crore as of September last year