Suzlon seeks shareholders nod to raise Rs 5,000 crore
Wind turbine manufacturer Suzlon Energy’s board has sought shareholders’ approval to raise up to Rs 5,000 crore through the issue of securities.
“(It is proposed) to issue securities to the extent of Rs 5,000 crore,” the company said in a notice to its shareholders for Annual General Meeting scheduled on September 28.
The decision to raise Rs 5,000 crore by offering securities was taken in the board meeting of the company on July 31.
According to the proposed resolution, these securities can be offered in international as well as domestic markets. The company plans to raise up to Rs 5,000 crore by allotting equity shares, ADRs (American Depository Receipts), GDRs (Global Depository Receipts), FCCBs (Foreign Currency Convertible Bonds) or NCDs (Non Convertible Debentures) with warrants and such other securities.
It is also proposed to reappoint Vinod R Tanti and Rajiv Ranjan Jha as Directors of the company in the annual general meeting scheduled later this month.
The board has also proposed to approve variation in the terms of Special Employee Stock Option Plan 2014 for employees of the company and its subsidiary company(ies).
Shareholders will also vet the proposal to issue equity shares to the eligible employees of the company and subsidiaries under Employee Stock Option Plan 2015.
Source: Financial Express