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Suzlon Energy board approves QIP to raise up to Rs 2000 crore

Aug 10, 2023

By: BlinkX Research Team

On 9 August, Suzlon Energy said that the board's securities issue committee has agreed to fund Rs 2,000 crore via qualified institutional placement (QIP). 

The renewable energy solutions provider said its board sanctioned the proposal during a meeting on July 7, 2023. Subsequently, on August 8, the shareholders of the company endorsed the special resolution through a postal ballot, it added.

In accordance with the special resolution adopted by the shareholders by postal vote on August 8, the firm announced that the committee has approved equity shares with a face value of Rs 2 each and set a floor price of Rs 18.44 per equity share to be sold to qualified institutional buyers who are eligible. The company also said it may offer a discount of not more than 5 percent on the floor price calculated for the Issue.

Suzlon said the Securities Issue Committee would discuss the issue of endorsement of the issue price, and also any potential discounts on August 14.

Source: Media Reports