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Suzlon Energy shares tank over 7% as rights issue is focus after Tulsi Tanti's demise

Suzlon Energy shares tank over 7% as rights issue is focus after Tulsi Tanti's demise

Suzlon Energy shares tank over 7% as rights issue is focus after Tulsi Tanti's demise
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By Nishtha Pandey  Oct 7, 2022 4:25:52 PM IST (Updated)

Suzlon Energy's rights issue will open on 11th October 2022 and will close on 20th October 2022. The board of directors of the company has set 4th October 2022 as the record date for Suzlon Energy rights issue.

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Shares of Suzlon Energy plunged over 7 percent on Monday on BSE following the news of the demise of Tulsi R Tanti, the founder, chairman and managing director, and one of the company's promoters. The shares are also in focus as Suzlon Energy stock is trading ex-rights shares from Monday.
At 9:58 am, shares of Suzlon Energy were trading at Rs 8, down by 7.45 percent from the previous close on the BSE.
The company re-confirmed its participation in the Rs 1,200-crore rights issue a day after the CMD's demise.
"In continuation to the announcement dated October 2, the promoters and the promoter group have reconfirmed their participation in the proposed rights issue and have expressed their intention to subscribe to the full extent of their rights entitlement," Suzlon Energy said in a regulatory filing.
It said the company would continue to follow the schedule for the proposed rights issue set out in its letter of offer dated September 28. "An addendum to the letter of offer will follow in due course," it said.
Meanwhile Dilip Shanghvi has conveyed to the promoters of the Company his intention to fully participate in the Rights Issue of the Company. In a letter to the Suzlon promoters,
Dilip Shanghvi stated, “It is my intention to fully participate in the Rights Issue of Suzlon along with subscribing for additional shares. I remain committed to the vision of the LateTulsi Tanti. I believe in the future of green energy and the long-term growth of this sector”
Suzlon Energy's rights issue will open on October 11 and close on October 20. The board of directors of the company has set October 4 as the record date for the Suzlon Energy rights issue.
As part of its plan to raise Rs 1,200 crore, Suzlon Energy is offering 240 crore rights or shares for Rs 5 per equity share.
This additional rights issue of Suzlon Energy Ltd is proposed for listing on both NSE and BSE. The rights issue will reward energy stockholders with five equity shares for every 21 shares held at the record date of the rights issue, which is October 4, 2022.
According to a stock exchange filing by the company, a bidder will have to pay Rs 2.50 per equity share at the time of application and Rs 2.50 per share on a subsequent call. The tentative date for the rights issue allotment is October 31.
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