Suzlon Energy board nods Rs 2,000 crore fundraising plan

Renewable energy firm Suzlon Energy Ltd board has approved the proposal to raise up to Rs 2,000 crore. The company will explore various financial routes to raise the amount. 

The company said in the stock exchange filing, “The board approved issuance of number of fully paid-up equity shares and/or convertible bonds (CBs), and/or non-convertible debt instruments and/or any other instruments and/or combination of instruments through one or more private offerings or qualified institutions placement and/or any combination thereof, for an aggregate consideration not exceeding Rs 2,000 crore.”

The company will seek shareholders' approval through a postal ballot, it added.

However, the news didn’t cheer up to the investors as the stock slipped over 2% on BSE. 

Source: Media reports