Suzlon Energy's board of directors approves plans to issue up to Rs. 50 billion in convertibles

By Devika Patel

Knoxville, Tenn., Oct. 23 - Suzlon Energy Ltd. informed the Bombay Stock Exchange its board of directors has approved the issuance of up to Rs. 50 billion of convertibles at a meeting on Oct. 23.

The board and the company's shareholders had approved an issue of up to Rs 50 billion in securities - including convertibles - earlier, and the company issued about Rs. 20 billion in foreign currency convertible bonds. The company now wishes to boost the remaining capacity to Rs. 50 billion from Rs. 30 billion to cover its expansion requirements. This proposal is still subject to shareholder approval.

The securities may be equity shares, Global Depositary Receipts, American Depositary Receipts or any other instrument convertible into equity shares.

Pune, India-based Suzlon Energy is a wind power company which manufactures, designs, develops and sells wind turbine generators.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.