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Suzlon board okays Rs 5000 cr fundraising proposal

According to reports, 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 on Saturday.

During a meeting on Friday, the board also gave its nod for increasing the company’s authorised share capital from R1,100 crore to R1,500 crore.

“Issue of equity shares of the company on preferential basis… for the sacrifice by ICICI Bank in terms of the CDR package to an extent of R6.40 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 R750.74 crore in the three months ended June 2014, mainly on the back of higher income.

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