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Mar 08, 2013
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Suzlon board okays new equity issue
Suzlon Energy’s board on Friday approved issuing fresh equity to lenders as part of the corporate debt restructuring package requirement of converting interest costs into equity. This will increase Suzlon’s total share base from 177 crore shares to 219 crore shares by April, 2013. Suzlon will be seeking shareholder nod next week through postal ballot for the fresh issue of shares. Around 42 crore shares would be issued in April 2013, and the rest would be issued in one or more tranches till September 2014, the company said. With this, the authorised share capital is projected to increase to R291 crore by September 2014.
Source -
http://www.financialexpress.com
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