Suzlon to raise Rs 1,200 cr via rights issue

Suzlon to raise Rs 1,200 cr via rights issue

Wind energy player Suzlon said on Sunday it was offering existing investors in the company five shares for 21 fully paid-up shares in bid to raise Rs 1,200 crore via a rights issue.

The decision was taken at a board meeting, the company said in a release to the exchanges.

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Suzlon’s shareholder funds were a negative Rs 653 crore in June, 2022, as per an investor presentation. In March, 2022, the shareholder funds were a negative Rs 3,562 crore, an audited number.

Suzlon reported a net loss of Rs 176.55 crore in FY22.

The company reported revenues of Rs 1,378 crore in Q1 FY23, a year-on-year (y-o-y) growth of 21%.

It recorded an exceptional gain of Rs 2,469 crore. The profit before tax (PBT) before exceptions was Rs 7 crore.

The Earnings before interest, taxes, depreciation, and amortisation (Ebitda) margin was 15.6%, leading to an Ebitda of `214 crore, up 39% y-o-y.