New Delhi, Sep 28 (PTI) Suzlon Energy on Wednesday announced opening of its Rs 1,200 crore rights issue on October 11, 2022.

"Suzlon Energy Ltd announces the opening of its Rs 1,200 crore rights issue on October 11, 2022," a company statement said.

Also Read | Apple Removes Russia's Social Network 'VK' From Its App Store Globally.

According to the statement, the company will issue up to 2,40 crore partly paid-up equity shares for cash at a price of Rs 5 per share (including a premium of Rs 3 per rights equity share) aggregating up to Rs 1,200 crore. The issue will be in the ratio of 5 rights equity shares for every 21 fully paid-up equity shares held by the eligible shareholders on the record date of October 4, 2022.

The last date of on-market renunciation of rights entitlements is October 14, 2022.

Also Read | Moto G72 India Launch Set for October 3, 2022; Flipkart Availability Confirmed.

The promoters and promoter group have confirmed their participation and they will be fully subscribing to the extent of their rights entitlement, the statement said.

The funds raised through the issue will be used for repayment or pre-payment of a portion of certain outstanding borrowings availed by the company and its subsidiaries and for general corporate purposes, subject to receipt of consent from our lenders, it stated.

Inga Ventures Private Limited is the lead manager to the issue.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)