Suzlon board approves Rs 5,000 cr fund raising proposal

Tags: News
Suzlon Energy's board has approved a proposal to raise up to Rs 5,000 crore through the issue of securities.

It is an "enabling resolution to facilitate the company to raise funds at an appropriate time should that be required," the wind turbine maker said in a regulatory filing today.

During a meeting held yesterday, the board also gave its nod for increasing the company's authorised share capital from Rs 1,100 crore to Rs 1,500 crore.

"Issue of equity shares of the company on preferential basis... For the sacrifice by ICICI Bank Ltd in terms of the CDR (Corporate Debt Restructuring) package to an extent of Rs 6.40 crore," was also approved, said the filing.

All these proposals are subject to nod from shareholders.

On Friday, the wind turbine maker said its net loss narrowed to Rs 750.74 crore in the three months ended June 2014, mainly on the back of higher income.

The company had incurred a net loss of Rs 1,058.90 crore in the same period a year ago. The figures are after taking into account the share in minority interest, it said in a statement today.

In the first quarter (ended June) of current fiscal, the firm's total income climbed to Rs 4,671.99 crore from Rs 3,896.71 crore in the year-ago period, reflecting an increase of about 20 per cent.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Banks might be bracing for intense rate war for retail loans

    While select small banks have been slashing their deposit rates by five to 10 basis points over the past few weeks for short term adjustments to avoid

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Varun Dutt

<b>Riskfactor</b>: Intertemporal choices

Intertemporal choice is the study of the relative value people ...

Parvez Imam

Why we all have blood on our hands

What does the Jammu and Kashmir flood make us think? ...

Dharmendra Khandal

The peculiar possibilities of animal poop

You can tell a lot about an animal by its ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture