Suzlon Energy's board of directors has granted approval to convert 1.62 million partly paid-up shares into fully paid-up equity shares, as disclosed in an exchange filing on October 11. The company is among the leading renewable energy solution providers in India.
"The Board of Directors of the company at its meeting held on 11 October 2023 approved conversion of 16.2 lakh partly paid-up equity shares having a face value of Rs 2 each with Re 1 paid-up into fully paid-up equity shares having a face value of Rs 2 each with Rs 2 paid-up bearing aggregating to Rs 40,50,880," the company said in its exchange filing.
The company said it was in the process of completing the necessary formalities for corporate actions and obtaining listing and trading approvals.
Suzlon Energy presently holds a paid-up capital of Rs 2,718.85 crore, which is divided into Rs 1,357.58 crore of fully paid-up equity shares with a face value of Rs 2, and Rs 3.68 crore of partly paid-up equity shares with a face value of Rs 2.00 each, of which Rs 1 each has been paid-up.
Suzlon Energy saw a positive development last month as Crisil Ratings upgraded the bank facilities worth Rs 4,054 crore, and concurrently, they lifted the 'rating watch with developing implications.'
The shares have been hitting lower circuits consecutively since the last two days. On Thursday, during the early trading session, Suzlon shares saw a minor decline and were trading at Rs 27. Since this week, the stock has remained flat over mixed cues.