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This penny stock announces 5:21 rights issue, FIIs holding up QoQ


Suzlon Energy Ltd., an industrial firm with a market valuation of Rs. 8,898.09 crore, is a mid-cap corporation. The leading provider of renewable energy solutions in India is Suzlon. With a presence in 17 nations spanning Asia, Australia, Europe, Africa, and America, Suzlon Group is one of the top providers of renewable energy solutions around the globe. In its meeting today, the company’s board of directors announced rights issue in the 5:21 ratio.

The company has said today in a regulatory filing that “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:

1. Instrument: Partly paid-up equity shares having a face value of Rs.2/- each (“Equity Shares”).

2. Total number of Equity Shares and Rights Issue size: 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).

3. Issue Price: Rs.5/- (Rupees Five Only) per Equity Share (including a premium of Rs.3/- (Rupees Three Only) per Equity Share) payable as under: On application- Rs.2.50 (Rupees Two and Paise Fifty Only) per Equity Share, On subsequent call(s)- Rs.2.50 (Rupees Two and Paise Fifty Only) per Equity Share.

4. Outstanding Equity Shares: Prior to the Rights Issue- 1007,30,87,083 Equity Shares, Post Rights Issue- 1247,30,87,083 Equity Shares

5. Rights entitlement ratio: 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 Energy Ltd. shares ended trading on the NSE on Friday at Rs. 9.15 a piece, down 4.69% from the previous close of Rs. 9.60. 139,904,794 shares were traded in total on Friday, which was lower than the 20-Day Average Volume of 149,684,002 shares. The stock has gained 45.24% over the past year, but it has dropped 14.49% YTD in 2022. For Q2FY23, Suzlon Energy Ltd recorded a promoter shareholding of 14.50% (down from 14.92% in Q1FY23), FIIs holding of 6.76% (up from 6.29% in Q1), DIIs holding of 13.43% (down from 15.50% in Q1), and public shareholding of 65.30% (up from 63.29% recorded in Q1).

 

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