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Stock in focus: Suzlon Energy shares will be under scanner when stock market opens today as the company board has given its approval to raise ₹1200 crore fund through right issues of company shares. As per the latest exchange filing by the company, board of directors of the company has given its approval to issue 240 crore equity shares at ₹5 per share price. Suzlon Energy share price had closed at ₹9.15 on NSE on Friday session, which means the right issue of shares are offered at around 45 per cent discount.
Informing Indian stock market exchanges about the right issue of shares, Suzlon Energy Limited said, “Further to our intimation dated 10th August 2022 informing approval of the Board of Directors of the Company (the “Board”) for issuance of the equity shares of the Company by way of a rights issue to the eligible equity shareholders of the Company in accordance with the provisions of Companies Act, 2013 and the rules made thereunder, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, each as amended and other applicable laws (“Rights Issue”) and our intimation dated 21st September 2022, this is to inform that the Securities Issue Committee of the Board, at its meeting held on 25th September 2022 (which commenced at 9.00 a.m. and concluded at 9.30 a.m.), has, inter alia, approved the following terms and conditions of the Rights Issue: Partly paid-up equity shares having a face value of Rs.2/- each, 240,00,00,000 (Two Hundred Forty Crores) Equity Shares of Rs.2/- (Rupees Two Only) each at an issue price of Rs.5/- (Rupees Five Only) per Equity Share aggregating to Rs.1200,00,00,000/- (Rupees One Thousand Two Hundred Crores Only).”
On right entitlement ratio, Suzlon Energy exchange filing said, “5:21 (Five Rights Equity Shares for every Twenty One fully paid-up Equity Shares held by the eligible equity shareholders of the Company, as on the record date as may be notified subsequently). If the shareholding of any of the eligible equity shareholder is 5 (Five) or more, such shareholders will be entitled to at least 1 (One) Equity Share.”
Suzlon shares have remained bears’ favourite ‘sell on rise’ stock throughout the year 2022. In last one month this stock has given around 11 per cent return but in year-to-date (YTD) time, this stock has slumped around 15 per cent.
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(This story has not been checked by Kashmir Bulletin and is auto-generated from other sources)
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