Suzlon Energy, a prominent player in the renewable energy industry, has taken a significant step by announcing the approval of the conversion of 1.6 million partly paid shares into fully paid equity shares. This decision was reached during the company’s board of directors meeting held on October 11, 2023.
In an official exchange filing, Suzlon Energy elaborated on the details of this transformative move. A total of 1,620,352 partly paid-up equity shares, each with a face value of ₹2.00 and Re 1.00 paid-up, will be converted into fully paid-up equity shares, each having a face value of ₹2.00 with ₹2.00 paid-up upon receipt of the First and Final Call, amounting to ₹40,50,880.
Suzlon Energy is currently in the process of finalizing all necessary formalities related to corporate actions and is actively seeking listing and trading approvals to ensure a smooth transition. This development is poised to have a significant impact on the company’s capital structure.
As of now, Suzlon Energy boasts a paid-up capital of ₹2,718.85 crore, which is divided into ₹1,357.58 crore fully paid-up equity shares with a face value of ₹2 and ₹3.68 crore partly paid-up equity shares, each having a face value of ₹2.00, with Re 1 each paid-up.
Suzlon Energy’s shares have been experiencing increased volatility this week due to their placement on the Direct Stage IV “ASM framework” starting from October 9, 2023. ASM, an abbreviation for Additional Surveillance Measures, has led to fluctuations in Suzlon shares, with two consecutive sessions on October 9 and 10 seeing lower circuit limits being hit.
About Suzlon Energy:
Suzlon Energy Limited is an Indian multinational wind turbine manufacturer headquartered in Pune, India. It was formerly ranked by MAKE as the world’s fifth-largest wind turbine supplier. Suzlon was founded in 1995 by Tulsi Tanti. The company’s first wind turbine was installed in 1996. Suzlon has since grown to become one of the largest wind turbine manufacturers in the world. The company has installed over 19.7 GW of wind energy in 17 countries across six continents.
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