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Suzlon board approves Rs. 50 billion fund-raising plan

Just yesterday Suzlon had reported strong Q1 FY12 numbers beating most of the earning forecasts by analysts. The company announced a 80% YoY growth in revenues to Rs. 4,326 crore . Further, the company maintained its guidance for FY12.

The company reported a PAT of Rs. 60 crore , against loss of Rs. 912 crore of Q1 FY11, the corresponding period previous year. The EBITDA was Rs. 490 crore , against negative EBITDAof Rs. 546 crore  of Q1 FY11.

According to reports, the company said its board has approved a proposal for raising Rs 5,000 crore through the issuance of shares or other securities.

“The board of directors has approved the issuance of equity shares or FCCBs, GDRs, IDRs, or a combination of instruments, to an extent of Rs 5,000 crore,” Suzlon Energy informed the Bombay Stock Exchange, without divulging a timeline for raising this amount.

Company officials later said that it was an enabling resolution for raising funds and there were no immediate plans to raise the capital.

The board has also reconstituted its Investors’ Grievance Committee, with V Raghuraman as Chairman and Tulsi Tanti and Vinod Tanti as other members.

The company also informed that Girish Tanti has resigned as Executive Director of the company with effect from July 30, 2011.

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