Suzlon Energy Limited Rs 1,200 Crore Rights Issue oversubscribed by 1.8x times on closure of issue period today

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Mumbai, 20 October 2022: Suzlon Energy Limited, one of India’s top manufacturers in the wind component manufacturing segment as per capacity and one of the top renewable O&M service providers in India, as per capacity serviced (Source: CRISIL Report), announced today, the successful closure of the issue of 240 crore partly paid-up Equity Shares on rights basis to the eligible equity shareholders (the “Rights Issue”) which was launched on October 11, 2022.


The issue resulted into subscription of 435.46 crore shares* resulting into oversubscription by 1.8x times. The issue period was from October 11, 2022, to October 20, 2022


The issue size was 240 crore partly paid-up Equity Shares for cash, at a price of ₹5 per Rights Equity Share (including a premium of ₹3 per Rights Equity Share) aggregating up to ₹1,200 crore on a rights basis to its eligible equity shareholders in the ratio of 5 rights equity shares for every 21 fully paid-up equity shares held by the eligible equity shareholders.


The funds raised via rights issue are in multiple calls – first call at time of application is Rs. 600 crores, which will be used in the manner described in the letter of offer, including for repayment or pre-payment of a portion of certain outstanding borrowings availed by the Company and its subsidiaries.


The allotment and listing formalities of the new shares on the BSE & NSE is expected to be completed by 1st week of November 2022.


Intermediaries for this rights issue: Inga Ventures Private Limited – the lead manager to the Issue, S&R Associates – the Legal Advisor to the Company as to Indian law, IndusLaw – the Legal Advisor to the Lead Manager as to Indian law and IndusInd Bank Limited – the Banker to the Issue.