Suzlon Power on Monday reported it will proceed with its Rs 1,200 crore rights issue opening October 12, soon after the demise of its founder and CMD Tulsi Tanti.
The firm educated the bourses that its promoters have reconfirmed their participation in the legal rights situation.
“In continuation to the announcement dated 2nd October 2022 (about the demise of Tanti), promoters and promoter team have reconfirmed their participation in the proposed rights situation and have expressed their intention to subscribe to the comprehensive extent of their legal rights entitlement,” the regulatory filing stated.
Accordingly, the enterprise will carry on to observe the schedule for the proposed legal rights problem set out in its letter of present(LOF) dated September 28, 2022.
An addendum to the LOF will stick to in owing program, it extra.
The company informed bourses on Oct 2, about the demise of Tanti on Saturday night due to cardiac arrest when he was going household in Pune from Ahmedabad.
As for each the LOF, the organization will challenge up to 240 crore partly compensated-up equity shares for funds at a value of Rs 5 for every share (like a high quality of Rs 3 per legal rights equity share) aggregating to Rs 1,200 crore.
The concern will be in the ratio of 5 legal rights fairness shares for just about every 21 totally paid out-up fairness shares held by suitable shareholders on the report day of Oct 4, 2022.
The previous date for on-current market renunciation of legal rights entitlements is Oct 14, 2022. The promoters and promoter group have verified their participation and they will be completely subscribing to the extent of their legal rights entitlement, it stated.
Resources lifted via the situation will be utilised for compensation or pre-payment of a part of selected exceptional borrowings availed by the firm and its subsidiaries and for typical corporate needs.
Inga Ventures is the lead supervisor to the challenge.